För att delta i tävlingen måste Contestant logga in på moneycontrol och förutse Sensex stängningsvärde för dagen. Inträde för deltagare är endast giltigt om de har ett giltigt och verifierat email-ID. Tävlande måste logga in innan man gissar stängningsvärdet för Sensex Contest stängs varje marknadsdag klockan 2.30 (IST) Tävlande får ändra sina gissningar till kl. 14.30. Om de ändrar det efter kl. 14.30 kommer deras inmatning att markeras som ett gissning för nästa handelsdag. Deltagare med närmaste gissning och korrekt svar kommer att bli vinnaren Vinnaren kommer att beslutas klockan 17:00 (IST) Vinnaren kommer att kommuniceras av Email Contest Startar från 18 januari 2017 och slutar 7 februari 2017 Gratulation for Prizes startar från 23 januari 2017 och slutar 3 februari 2017. Endast en vinnare kommer att vara berättigad till priset Voucher worth Rs. 5 000 kommer att ges till den dagliga vinnaren varje dag under tävlingen IPAD Mini 2 32 GB kommer att ges till vinnaren på budgetdagen Denna tävling är öppen för indiska medborgare över 18 år. Vinnaren ska ha ett giltigt PAN-kort för att hävda priset The priset förfaller efter 30 dagar om det inte hävdas att moneycontrol också förbehåller sig rätten att ändra vinst och antal och antal vinnare per dag, när som helst under tävlingen, efter eget gottfinnande. Priserna ska vara oöverförbara och måste godkännas som tilldelat. Ingen begäran om kontanter eller annan ersättning ska göras till moneycontrol. Behöver jag vara registrerad användare för att spela den här utmaningen För att kunna spela den här utmaningen kan du logga in med ett registrerat konto för moneycontrol id eller sociala nätverk som facebook, twitter, google eller yahoo . Finns det någon gräns för hur många inlägg en användare kan ta Nej, kan en användare göra ett antal gissningar till den angivna tidsgränsen, dvs 2:30 pm för den aktuella dagen och posta det för nästa handelsdag. Hur kan en användare spela Great Sensex-utmaningen Användare måste logga in med sitt giltiga användar-ID och skriva in stängningsvärdet för Sensex för den dagen. Hur blir man en veckovinnare Följande villkor bör uppfyllas för att en deltagare ska bli en veckovinnare En deltagare med flest poäng och närmaste gissning vinner. I händelse av slips vinner den som gissat tidigare. Hur många vinnare kommer deklareras varje dag Tre vinnare kommer att deklareras varje dag. Medan Sensex bästa gissning får fem poäng. Andra får tre poäng och det tredje gisset får en poäng. Vilken tid kommer de dagliga och veckovisa vinnarna att tillkännages Dagliga vinnare kommer att meddelas varje handelsdag klockan 17:00 (IST) och veckovisa vinnare meddelas varje fredag klockan 17:00 (IST) Vilka är förutsättningarna för att en person ska vara kvalificerad som daglig eller veckovis vinnare En deltagare bör följa följande: En användare ska ha ett giltigt verifierat e-post id moneycontrol användar ID Endast för en indisk medborgare över 18 års ålder Vinnare ska ha ett giltigt PAN-kort Hur ska vinnaren informeras om hans vinster Vinnaren kommer att informeras genom sitt registrerade email-ID. A. Inträde i denna tävling utgör din godkännande av följande villkor: 1. Tävlingen är endast öppen för medborgare från Indien som är bosatta i Indien och som är 18 år eller äldre. Medarbetare, tjänstemän, styrelseledamöter, E-arton Ltd och företaget som är värd för tävlingsplattformen och deras närstående och deras respektive anhöriga, närstående familjemedlemmar (förälder, barn, syskon och make) och personer som bor i samma hushåll, är inte berättigade till Ange eller vinna ett pris. 2. För att delta i tävlingen måste Contestant logga in på moneycontrol och förutse Sensex stängningsvärde för dagen. Genom att anmäla sig till tävlingen, godkänner varje deltagare tävlingsreglerna och garanterar att han eller hon har uppfyllt alla krav som anges i reglerna och villkoren. 3. All kommunikation skickas endast via registrerat mail-ID som används för registrering. Inträde för deltagare är endast giltigt om de har ett giltigt och verifierat e-post-ID. Registreringen bekräftas av ett bekräftelsemail från Moneycontrol. Deltagarnas deltagare förväntas ge korrekt information. 4. Deltagarna kan delta i tävlingen på följande villkor: a. Deltagaren ska tillhandahålla en giltig PAN Card-detaljer kopia. b. Moneycontrol E-Eight Limited har rätt att begära ytterligare dokumentär bevis på information. Om en sådan förfrågan görs måste deltagaren följa inom tre dagar från det att begäran lämnades, om deltagaren inte kan bli diskvalificerad från deltagande i tävlingen. c. Deltagaren bör se till att du anger och kontrollerar ditt e-post-id och mobilnummer under registrering. d. Tävlande får ändra sina gissningar till kl. 14.30. Om de ändras efter kl. 14.30, kommer deras inmatning att markeras som ett gissning för nästa handelsdag. e. Deltagarna kan ta upp tävlingen endast under det registrerade datum - och tidsluckan. f. Deltagare kan bara delta i tävlingen på den angivna tidsluckan. g. Tävlande måste logga in innan de gissar stängningsvärdet för Sensex. h. Deltagarna kommer att ansvara för att alla arrangemang ska delta i tävlingen, vilket inkluderar datorn, en konstant internetanslutning, strömbackup etc. Organisatören ansvarar inte för något tekniskt fel från deltagarnas slut. 5. Deltagare eller vinnare kan diskvalificeras av någon av följande skäl: a. Participantwinner är inte kvalificerad baserat på behörighetskraven. b. Deltagaren har gett fel eller felaktig information avseende de uppgifter som sökanden begärde. c. Deltagaren har inte följt tävlingsreglerna. d. Deltagaren är involverad i bedräglig verksamhet eller icke-vidhäftande av dessa villkor, förutsättningar eller andra lagar som är tillämpliga. I sådana fall reserverar Moneycontrol (E eighteen Ltd) rätten att diskvalificera deltagaren och deklarera nästa kvalificerad deltagare som vinnare eller inte deklarera någon vinnare alls. 6. Meddelanden om tävlingsvinster a. Final Weekly Vinnare kommer att meddelas varje fredag klockan 17:00 (IST) och veckovisa vinnare kommer att bli underrättad via det registrerade email-id. b. I händelse av att något pris som erbjuds i tävlingen inte utnyttjas av respektive vinner inom 30 dagar efter att Moneycontrol E-eighteen Ltd har anmälts av vinst, av vilket skäl som helst, upphör en sådan prissättning och förverkas och en sådan vinnare får inte göra anspråk på Moneycontrol E-eighteen Ltd, dess partners, agenter, tjänsteleverantörer, direktörer, anställda etc. c. Deltagaren förstår och godkänner att Moneycontrol E-eighteen Ltd förbehåller sig absolut rätt att ändra vinst och antal och antal vinnare per dag, när som helst under tävlingen, efter eget gottfinnande. d. Moneycontrol E-eighteen Ltd ska inte hållas ansvarig för eventuella förseningar eller förluster som kan uppstå vid leverans av varorna och tjänsterna eller priserna. e. Priser för denna tävling ska vara oöverförbara och måste godkännas som tilldelad. Ingen begäran om kontanter eller annan ersättning ska göras till Moneycontrol. Priserna kan inte överföras. Priserna tilldelas användaren och förväntas endast användas av användaren. f. Inga utbyten eller utbyte av priset, annat än vad som är detaljerat i meddelandet som skickas till Vinnaren, ska under inga omständigheter tillåtas. Moneycontrol E-eighteen Ltd förbehåller sig emellertid rätt ersättare för att ändra priset eller någon av dem på grund av att priset inte är tillgängligt, utan någon intimering eller meddelande, skriftligt eller på annat sätt till vinnaren. g. Vinnaren ska ha ett giltigt PAN-kort för att hävda priset. h. Moneycontrol (E-Eighteen Ltd) kommer inte att bära några extra kostnader i förhållande till priset. jag. Moneycontrol E-eighteen Ltd håller inte ut någon garanti och ger ingen representation om kvaliteten, användbarheten, värdigheten, leveransen eller på annat sätt av de varor och tjänster eller priset som erbjuds. Moneycontrol (E-arton Limited) för eventuell försening eller förlust som kan orsakas vid leverans av varorna och tjänsterna eller priserna eller eventuella förlustskador som kan uppstå utan användning eller på annat sätt av godispriser som användes av vinnaren under tävling. j. Vinnaren använder sig av priset helt och hållet på egen risk och kommer att ersätta och hålla Moneycontrol E-eighteen Ltd ofarligt för olyckshändelser, skador, dödsfall, skador, kostnader och förluster som upphovsmannen ådrar sig till följd av innehav eller användning av priser vann i tävlingen. k. Priset inkluderar inte: inhemska överföringar, boende, personliga utgifter, försäkringar, statliga avgifter eller skatter eller andra kostnader än vad som nämns ovan. l. Eventuell skatt eller andra skulder eller avgifter som ska betalas till regeringen eller någon annan lagstadgad myndighet eller någon deltagande etablering, som kan uppstå eller uppkomma till Vinnaren på grund av prisutdelning, ska vara till Kundens enda konto. Skatt som dras av vid källan, om någon, på prisets monetära värde betalas av vinnaren. m. Alla frågor frågar om klagomål som avser priset, om någon, ska adresseras till feedbackmoneycontrol. Detsamma ska adresseras inom 7 dagar efter mottagandet. en. Deltagandet i tävlingen är frivilligt. b. The Great Sensex Challenge kommer att genomföras online via vår bedömningsplattform. c. Genom att använda denna portalwebsiteplatform accepterar användaren att de har läst, förstått och godkänt Reglerna, Villkoren för tävlingsvillkoren. Genom att acceptera villkoren för Great Sensex Challenge är du bunden av en heders kod för att ta ut Challenge utan hjälp eller stöd från andra och på ett rättvist sätt. d. Deltagande i tävlingen utgör tillstånd att använda vinnarnas namn och fotografi (alla på E-eighteen Ltd Moneycontrols diskretion) för framtida reklam, publicitet i alla media som nu eller senare är utarbetade över hela världen i evighet utan ytterligare kompensation, anmälan eller tillstånd. e. Deltagaren instämmer i att personuppgifter, särskilt namn och e-post-ID, kan behandlas, delas och annars användas för ändamålen och inom ramen för tävlingen och andra ändamål som anges i villkoren som anges här. Uppgifterna kan också användas av Moneycontrol E-eighteen Ltd för att verifiera deltagarnas identitet, e-postadress och andra nödvändiga uppgifter eller för att annars verifiera deltagarna behörighet att vinna priser i tävlingen. f. Dessa villkor gäller för alla deltagare som deltar i Great Sensex Challenge-tävlingen. En deltagare kan bara delta i Great Sensex Challenge Contest om han accepterar villkoren. g. När deltagaren har registrerat, kan en sådan deltagare inte göra någon förändring i deltagarens namn till en annan individ. h. Eventuella tvister som härrör från detta ska vara föremål för exklusiv behörighet hos High Court of Mumbai. jag. Webbplatsen kan tillhandahålla hyperlänkar och eller annonser till tredje parts webbplatser. Dessa webbplatser ägs ej eller kontrolleras av Moneycontrol E-eighteen Ltd. Observera att Moneycontrol E-eighteen Ltd inte ska hållas ansvarig för personuppgifter som tredje part samlar in, lagrar och använder via deras hemsida. Deltagare bör alltid läsa sekretesspolicyen för varje webbplats som besökaren besöker. j. Alla bilder av priset i meddelandet är endast vägledande. k. I alla frågor som rör Konkurrensen skall Moneycontrol E-eighteen Ltds beslut vara slutgiltigt och bindande i alla avseenden. l. Dessa villkor skall vara i tillägg till och inte i undantagsbestämmelser till konkurrensreglerna eller andra regler som Moneycontrol E-eighteen Ltd anmält från tid till annan. m. Moneycontrol E-eighteen Ltd förbehåller sig rätten att ändra ändringar av alla eller några av de villkor som gäller för Great Sensex Challenge Contest utan att ange några skäl eller utan någon tidigare intimering. Moneycontrol E-eighteen Ltd förbehåller sig även rätten att ändra avbryta tävlingen utan att ange några skäl eller utan någon tidigare intimering. Ändringar av reglerna kommer att läggas ut på denna webbplats i avsnittet regler. Vi tror att marknadsförflyttningar kan förutsägas med hjälp av teknisk analys och det ger möjligheter för den tekniska näringsidkaren, ny eller erfaren, att tjäna pengar. Tricket är aktuell och pålitlig vägledning. Allt detta kombinerar för att bilda vår dagliga nyhetsbrev. För att kunna identifiera och dela konkreta och konsekventa handelsmöjligheter i Financial Markets baserat på Solid Research Pålitliga, självutvecklade system. Marknadsrörelser kan förutsägas med hjälp av teknisk analys. Marknaden ger möjligheter till den nya eller erfarna tekniska handlaren att tjäna pengar. Tricket är aktuell och pålitlig vägledning. Allt detta kombinerar för att bilda vår dagliga nyhetsbrev. Nyhetsbrevet innehåller marknadens visdom av Sudarshan Sukhani, Indiens berömda och beundrade tekniska analytiker. Det innehåller detaljerade lager, marknadsanalysidéer. Vi är uteslutande beroende av teknisk analys för våra faktiska handelsbeslut. Vår Backbone: Charting-programvara Det är viktigt att ha rätt kartläggningsprogramvara för att ta rätt affärer. Vi använder Trend Analyzer, en professionell kartläggnings - och analysprogramvara som levereras med toppmoderna verktyg. Det hjälper till att bestämma: Trend, Momentum för aktier, terminer, råvaror och NSE Valutahandel. Erkänn konsekventa möjligheter i: Aktier, Futures, Options, Metals, Valutor Styrelseordförande och VD Sudarshan Sukhani är en av Indias mest kända tekniska analytiker. Han är en certifierad finansiell tekniker, ett erkännande från International Federation of Technical Analysts, USA, och är också president för Association of Technical Analysts (ATA) i Indien. Han är en ständig närvaro som marknadsanalytiker på moneycontrol, CNBC-TV18 och andra framstående plattformar. Han är en kvalificerad kartläggare och har genomfört över femtio seminarier om teknisk analys. Han är också författare till Trading the Markets, en toppsäljande bok om handlingsbara aktiehandelsidéer. En full tid aktieförare sedan 1993, Mr Sukhanis forskning innehåller hundratals böcker, kurshandel metoder. 1996 var han en av de första användare av automatiserad teknisk analys i Indien, och fortsätter att följa vägen för systematisk handel. För att få tillgång till mailare i realtid på din mobil, logga in på m. moneycontrolgamechangers Om du inte är 100 nöjd med Sudarshan Sukhani. Meddela oss bara inom 7 dagar och hela abonnemanget återbetalas. Ännu senare om du ändrar dig, får du ett betalt återbetalning för resten av din prenumerationsperiod. Nifty Index: Övergripande marknadsvyer Varje aspekt av Nifty Index analyseras på dagliga diagram, och ibland på veckovisa diagram. Weekly Views analyseras för att identifiera långsiktig trend. Analysen omfattar kortsiktiga, mellanliggande och primära indexindex tillsammans med dess stöd och motstånd. Visningar ges för indexhandlare. Rekommendationer tillhandahålls för kort sikt och positionshandel med inträdesnivå och slutförlust. Nyhetsbrevet innehåller också övergripande marknadsvy och noterade diagram över Nifty, Bank Nifty och CNX IT. Det täcker också sektorer på aktiemarknaden som överträffar, underperformar och kan genomgå en ledarskapsändring. Ädelmetaller, Valutor, Världsmarknader, granskas också regelbundet när det är relevant. TEKNISK ANALYS: BEGRÄNSNINGSSTRATEGIER Teknisk analys Begrepp relevanta strategier förklaras från tid till annan med hjälp av diagram. Kontanter och Futures: Idéer Nyhetsbrevet innehåller aktier som sannolikt kommer att göra trendåtgärder på kort sikt. De flesta av idéerna kommer att förklara de tekniska indikationerna bakom detsamma. De flesta av dem kan också innehålla stoppförluster samt beskriva villkoren för handeln eller inte. Nifty, bank Nifty och CNX IT-strategier för swing tradern Nyhetsbrevet kommer också att innehålla Nifty Options och Bank Nifty Options strategier för kort sikt, liksom för inkomst byggande. Det kommer också att dela idéer i guld, silvervaluta när och när attraktiva möjligheter uppstår. Den typiska innehavstiden för våra kortsiktiga idéer är i genomsnitt 2 till 3 dagar (ibland mindre i hackiga marknadsmiljöer). Ofta ges långsiktiga idéer som har en innehavstid på minst 5 dagar upp till många veckor. Alla nämnda idéer spåras regelbundet. Ansvarsbegränsning: SMS-varningar är en kostnadsfri tjänst som erbjuds av Poweryourtrade till sina abonnenter. Dessa SMS skickas varje dag i realtid, men att ta emot dem i tid beror helt på operatören. Vi arbetar med operatörerna för att säkerställa en snabb och förbättrad service för SMS-leverans. Samtidigt ber vi dig att kolla webbplatsen för uppdateringar, där vi garanterar snabb och snabb information. 21 februari 2017 Nifty stänger över 8900 indexet behöll sin uptrend för andra på varandra följande session tisdag ledd av NBFC och PVT banker kort sikt trend är upp bankindex är handel nära sin livstid höga stanna länge med en åtminstone stopp Den korta trenden är Nu uppe i BANK NIFTY. Vi är länge i indexet. Leta efter att köpa i PVT BANKAR bara. Vi kommer också att diskutera BHARATFORG och HDFC-aktier med handel. För var och en av dessa lager analyserar vi deras tekniska bildidentifiering med stoppförluster och mål. Vi kommer att diskutera ett begrepp TRADING IN A CHOPPY MARKET i vårt senaste segment REVIEWS. Shares of Reliance Industries zoomade över 10 procent i handel onsdag, en dag efter bolagets ordförande Mukesh Ambani avslöjade nya tariffplaner för sin telecom arm Reliance Jio. Ons, 22 feb 2017 13:45:20 0530 Om hur amerikanska presidenten Donald Trumps protektionistiska politik kan påverka IT - och pharma-aktierna, sa Rahul Ajmera, VD, US Office, IIFL Institutionella Equities, att Trump varit på plats i bara fyra veckor och Det är för tidigt att spekulera. Ons, 22 feb 2017 12:52:23 0530 Marknaden fortsätter att tummen obevekligt med stöd från inhemska fondflöden, men Saurabh Mukherjea i Ambit Capital är omhändertat med tanke på den synliga underliggande makrosvagheten. Ons, 22 feb 2017 10:53:07 0530 Globala marknader har varit attraktiva och stödjande. Inhemskt, anekdotiskt, liksom hårda siffror tyder på att fler finansiella besparingar har utnyttjats i eget kapital genom fond och olika rutter, som driver marknaden vid denna tidpunkt, sa Dipan Mehta. Tis 21 feb 2017 19:02:45 0530 Jyotivardhan Jaipuria Grundare och VD, Veda Investment Managers säger att Indien har underpresterat tillväxtmarknaderna och förväntar sig att marknaderna ska genomgå en 5-7 procent korrigering. Tis 21 feb 2017 16:38:04 0530 Jim Walker of Asianomics är oroad över de stigande konsumentpriserna och hur de kan påverka marknaden. När konsumentpriserna hämtar, kommer de politiska beslutsfattarna att tvingas strama politiken medan ekonomisk tillväxt stiger. Tis 21 feb 2017 13:48:29 0530 Den 50-deliga Nifty har haft en fenomenal rally under de senaste åtta veckorna, men Gautam Shah, teknisk direktör teknisk assistent på JM Financial känner marknaderna är nu på en stor inflexionspunkt. Han ser liten risk för att index som slår upp livstidshöjder i den pågående loppet. Tis 21 feb 2017 11:55:46 0530 Återköp av Tata Consultancy Services är en mycket bra start för IT-sektorn att återbetala kontanter till investerarna, samtidigt som resultatförbättringen förbättras, säger Nilesh Shah av Envision Capital. Tis 21 feb 2017 11:38:36 0530 Även om optimismen runt Indien är ganska hög, är utländska investerare försiktig och väljer att vänta på fjärde kvartalets resultat innan de tar investeringssamtal, säger GV Giri, forskningschef vid IIFL Institutionella Equities talar till CNBC-TV18 från sidan av 2-dagars IIFL Enterprising India Conference. Tue, 21 Feb 2017 09:34:25 0530 Med tanke på CNBC-TV18 sa marknadsexperten Ashwani Gujral att Nifty bara är 100 poäng bort från sin tidigare höga, vilket det skulle gå in i, eftersom Bank Nifty bibehåller sin tidigare höga nivå Det är bara en fråga om tid som Nifty följer med. Måndag, 20 Feb 2017 16:33:22 0530 Med tanke på Trumps policy kan driva tillväxten och följaktligen efterfrågan på IT-tjänster i USA skulle det göra det bra för indiska IT-företag att börja producera några av sina tjänster där och spruce upp lokal hyra , säger John Praveen, Chief Investment Strategist vid Pramerica International Investment Advisors. Måndag, 20 Feb 2017 13:19:24 0530 Bharat Financial har ett starkt nätverk över landsbygdsmarknaden i Indien och det kommer att bli en win-win om en bank som IndusInd kan förvärva den, säger Digant Haria, Antique Stock Broking. Måndag, 20 Feb 2017 12:04:48 0530 Även om sektorn har varit en underperformator i det förflutna, är indiska telekomlagren mycket attraktiva från ett treårigt perspektiv, enligt S Naren, verkställande direktör hos Chief Investment Officer vid ICICI Prudential. Måndag, 20 Feb 2017 10:36:10 0530 Watch Investor Camp, som hölls i Mumbai, där SP Tulsian of Sptulsian delade sina avläsningar och utsikter på marknaden och vad som ligger framöver. Lör, 18 Feb 2017 13:47:55 0530 Även om han tillägger att investerare har nära att följa Narendra Modi efter sitt beslut att förbjuda hög valuta för pengarna förra året. Så, någon BJP-vinst eller förlust med en enorm marginal kommer sannolikt att påverka marknaden, tillägger han. Fre, 17 feb 2017 20:06:33 0530 Den offentliga frågan består av försäljning av nyemission av upp till 1 crore equity aktier i bolaget. Detta utgår till 39 procent av det totala innehavet, utkast till rött sillprospekt (DRHP) som lämnades in med Sebi visade. Ons 22 feb 2017 13:02:04 0530 IPO består av nyemission av aktier värda Rs 450 crore och ett erbjudande till försäljning av 1,27 crore scrips av aktieägarna, enligt utkast till röda sillprospekt. Tis 14 feb 2017 14:18:03 0530 Bolaget räknar med att notering av aktiekapitalet kommer att förbättra vår synlighet och varumärkesbild och ge likviditet åt våra aktieägare. Notering kommer också att ge en offentlig marknad för aktierna i Indien, sade Eris i utkastet till handlingar. Fre, 10 feb 2017 12:40:04 0530 fre, 10 feb 2017 12:39:43 0530 ons, 08 feb 2017 17:11:44 0530 Företaget hade lämnat in sitt utkast till rött sillprospekt (DRHP) med Sebi i september. Regulatorn den 3 februari gav sina sista iakttagelser om utkastet till erbjudandehandlingar, vilket är nödvändigt för att ett företag ska kunna starta ett offentligt erbjudande. Tis 07 feb 2017 09:42:09 0530 Det var spektakulärt resultat vid BSE-aktier (tidigare Bombay Stock Exchange) på fredag. Aktien avräknades till Rs 1 069,20 på Nationalbörsen, en ökning med 32,65 procent över emissionskursen på Rs 806. Fre, 03 Feb 2017 17:37:35 0530 På fredagen är BSE officiellt noterad på National Stock Exchange. Men för 23 år sedan lanserades NSE inte exakt av Asiens äldsta utbyte. Fre 03 feb 2017 14:05:34 0530 BSE-ordförande Sudhakar Rao berättade för Moneycontrol att fokus skulle vara på att leverera på löften till investerare efter att beståndet hade en fantastisk debut på NSE. Fre 03 feb 2017 11:59:26 0530 BSE har lyckats öka sina rörelseresultat gradvis tom i stora företagsomorganisationer de senaste fem åren, säger MD: s vd Ashishkumar Chauhan i en postlista-intervju med CNBC-TV18 . Fre 03 feb 2017 11:43:58 0530 Landets äldsta börs BSE Limited uppräknat till Rs 1089 per aktie på National Stock Exchange, upp 35 procent över emissionspriset på Rs 806. fre, 03 feb 2017 10:01:42 0530 IPO består av försäljning av 53.422.169 aktier av de befintliga aktieägarna, som inkluderar promotorer och promotorgruppen. Thu, 02 Feb 2017 15:02:03 0530 Emissionen, som också var den första aktieförsäljningen av en inhemsk börs, var öppen för budgivning den 23-25 januari. IPO såg robust investerarbehov och överkodades 51,22 gånger. Thu, 02 Feb 2017 12:58:02 0530 Måndag, 30 Jan 2017 08:32:07 0530 IPO mottog bud för 12,80,04,066 aktier mot den totala emissionsstorleken på 1,07,99,039 aktier, data tillgängliga med NSE till 1330 timmar visade. Ons 25 januari 2017 13:58:03 0530Re: ClosureRelocation av verksamhetsställen Till, alla försäkringsgivare, Det har kommit till myndighetens meddelande att verksamhetsställen hos försäkringsgivarna stängs flyttas utan korrekta meddelanden till försäkringstagarna som orsakar dem mycket besvär. Myndigheten tar också emot klagomål från de berörda försäkringstagarna. 2. Försäkringsbolagen uppmanas därför att beslutet om att stänga lokalerna av sina verksamhetsställen (oavsett deras nomenklatur och för den typ av tjänster som tillhandahålls där) borde ske med vederbörlig hänsyn till alla faktorer, inklusive eventuella olägenheter för kundkretsen. Det är viktigt att ett sådant beslut på lämpligt sätt tillkännages styrelsen för information med anledningen till det, eftersom förslaget om öppnande av filialer ursprungligen godkändes av styrelsen. Tillräckligt meddelande om minst 2 månader på den föreslagna omlokaliseringen bör ges till försäkringstagare som betjänas av den filialen tillsammans med de alternativa arrangemangen som görs för att betjäna dem. 3. Sådana stängningar bör också rapporteras till myndigheten inom en månad från dagen för sådan stängning. 4. Det har också beslutats att standardisera den klassificering av verksamhetsorter som antagits av olika försäkringsgivare och att sammanställa en databas över försäkringsgivarnas kontor. För att uppnå detta mål rekommenderas försäkringsgivare att klassificera sina befintliga filialer i MetroUrban och Rural Brancher baserat på den klassificering som tillhandahålls av den senaste decenniala folkräkningen (Folkräkning i Indien). De uppmanas vidare att klassificeringsuppgifterna tillsammans med filialens adress ska lämnas in till myndigheten i hardsoft-formulär senast den 28 februari 2007. Samtidigt som man söker nya godkännanden bör uppgifter om föreslagna verksamhetsställen tillsammans med klassificeringen också vara möblerade. (C. R. Muralidharan) Medlem AVSÄLJNING AV BROKERLICENSEN Ms. Sapthagiri Insurance Services Pvt. Ltd. (nedan kallad mäklaren) med sitt registrerade kontor vid D. No. 1-3-2, C19, Penugonda Road, Hindupur -515 201 har fått tillstånd från myndigheten att fungera som direktförsäkringsmäklare, vide licens nr 270 den 22 juli 2004 i enlighet med bestämmelserna i IRDA Försäkringsmäklare) Förordningar, 2002 (nedan kallade förordningarna). Medan deras brev av den 3 januari 2006 uttryckte mäklaren sin önskan att ge upp licens och begärde myndigheten att tillåta dem att överlämna den beviljade licensen. Mäklaren har också åtagit sig att betjäna de befintliga kunderna, vars policy gäller i sex månader enligt vad som föreskrivs i förordning 40 i nämnda förordningar. Medan mäklaren vet sitt brev daterad 08.11.2006 lämnade den ursprungliga licensen nr.270 för avbokning. Nu är därför enligt befälhavarens begäran om frivillig överlåtelse av direkta mäklarlicensen upphävs auktorisationen direktförsäkringsmäklarelicens nr 270 till Ms. Sapthagiri Insurance Services Ltd. Mäklaren upphör därför att fortsätta Försäkringsmäklare. Detta utfärdas med behörig myndighets tidigare godkännande. (Suresh Mathur) Gemensam direktör Re. Rapport från G K Raman-kommittén för mäklare och mäklarerelaterade frågor 225 mäklingsföretag har varit verksamma på marknaden. Mäklare har funnits i över 3 år nu och myndigheten ansåg att det var önskvärt att utgöra en expertkommitté för att se över reglerna för licensiering av mäklare mot bakgrund av IRDA: s erfarenhet under de senaste tre åren och för att göra sådana rekommendationer som övervägda som behövs för att stärka mäklarnas roll, särskilt i samband med avkodning av skadeförsäkring, som föreslagits av myndigheten. Följaktligen utgjordes en kommitté med Shri G. Kaman, ordförande, Royal Sundaram Alliance Insurance Company Ltd. som utskottets ordförande med ledamöter från branschen. Kommittén har lagt fram sin rapport den 14 november 2006. Rapporten har placerats på IRDAs webbplats på irdaindia. org. Myndigheten skulle gärna få synpunkter på Ramankommitténs rapport. Du är ombedd att skicka dina synpunkter antingen via e-post: (mmsiddiquiirdaonline. org) eller per post till myndigheten till följande adress, MM Siddiqui, Specialkonsulent, Försäkrings - och utvecklingsmyndighet, 3: e våningen, Basheer Bagh, Hyderbad - 500004 Myndigheten skulle vilja få suggestionskommentarerna senast den 31 januari 2007. - Sd - (CSRao) Ordförande 6 december 2006. IRDA-cirkulär nr. 033 IRDA Brok-Comm DEC-06 6 december 2006 Re: Gränser vid betalning av provision eller mäklare i försäkringsbranschen Med stöd av myndighetens befogenhet enligt § 14 i lagen om försäkringslagstiftning och utvecklingsmyndighet, 1999 och enligt bestämmelserna i 40 §§ 1 mom. 40A.3 och 42E § försäkringslagen 1938 uppger myndigheten härmed att den procentandel av premien som kan betalas i form av provision eller mäklare på en försäkringspolicy får inte överstiga de procentsatser av premier som anges nedan. Ingen mäklare kan betalas med avseende på en försäkring där byråns provision betalas och likvärdigt kan ingen byråkommission betalas med avseende på en försäkring där mäklare betalas. Typ av verksamhet Högsta procentsatsen av premie som ska betalas som agenturkommission eller mäklare 1. Brand, Försäkringstekniska försäkringar ii. Företagskunder (inklusive PSU) vars inbetalda kapital är: a) Upto Rs.15 crores b) Mellan Rs.15 crs 25 crs c) Över Rs.25 crores iii. Risker som kvalificerar sig som stora risker enligt stycke 19 (v) i användningsriktlinjerna 2. Bilförsäkringsverksamhet (annan än tredje part), WC EL och lagstadgad PL-verksamhet 3. Marine Hull-försäkring 4. Marine Shipping motpartsförsäkring För att bevisa inbetalat kapital ska en kopia av det senaste balansräkningen som är offentliggjort enligt bolagsaktens krav, 1956 vara acceptabelt. I händelse av en balansräkning som är 2 år före det aktuella försäkringsåret ska försäkringsbevis utfärdas. Om enmansföretag och partnerskapsföretag ska ett certifikat från en Chartered Accountant till kunden vara acceptabelt. När det gäller filialer i Indien av ett utländskt bolag bör det hänvisas till det inbetalda kapitalet i bolaget i det land där det ingår att konvertera det till indiska rupier till den aktuella växelkursen på försäkringsdagen. Ingen utbetalning av något slag , inklusive administrations - eller serviceavgifter, får göras till agenten eller mäklaren i fråga om det företag som han är betald byråns provisioner eller mäklare för. This direction supersedes all existing directions on the subject and shall take effect in respect of insurances or renewals commencing on or after 1 January 2007. (C. S. Rao) Chairman Regulation of rates, terms and conditions of General insurance business To, All General Insurers, The Tariff Advisory Committee vide its circular ref. TAC706 dated 4th December 2006 has decided that the rates, terms, conditions and regulations applicable to Fire, Engineering, Motor, Workmens Compensation and other classes of business currently under tariffs shall be withdrawn effective from 1 January 2007. By virtue of the power vested in the Authority under section 14(2)(i) of the IRDA Act, 1999, it is hereby notified that the Tariff general regulations (other than those relating to rating), terms, conditions, clauses, warranties, policy and endorsement wordings applicable to the above mentioned classes of business as well as Marine Hull insurance business shall continue to be followed until further orders. The rates of premium may be varied subject to compliance with the Guidelines on File and Use of General Insurance Products notified on 28th September 06. The rates of premium applicable to Motor Third Party insurance business shall be as set out in Annexure I. Insurers are advised to be mindful of the concerns expressed by vehicle owners about both the rates and availability of insurance. Considering the mandatory nature of Motor Third Party insurance, insurers are advised to ensure that Motor Third Party insurance is made available at all their underwriting branches and that requests for insurance are processed expeditiously and policies are issued promptly. The Authority will treat any complaint of non-availability of insurance or use of methods to put off the client seeking insurance, seriously. In respect of all classes of business where the rates applicable are now controlled by tariff, insurers are not permitted to cancel the current insurance policies and issue fresh policies covering substantially the same properties or interests, in order to alter the rates of premium offered to the client. The insured is free to cancel its insurance at any time as per the relevant policy conditions in which case, premium at short-period rates as applicable shall be charged for the period on risk. Insurers are advised to ensure that proper underwriting standards are maintained even after the tariffs are withdrawn. (C. S. Rao) Chairman Direction under Sec 34 of the Insurance Act To, All General Insurers, Sub. Motor Third Party Insurance Whereas several complaints have been received regarding non-availability of motor third party insurance especially for commercial vehicles And whereas insurers have been expressing difficulty to underwrite this business unless they are permitted to charge premium rates that they consider appropriate And whereas considering the mandatory nature of motor third party insurance business it is necessary for the Authority to monitor the rates, terms and conditions of cover for the time being And whereas it is in public interest to ensure that all insurers registered to carry on general insurance business including motor insurance business actively participate in providing such cover to vehicle owners at rates as notified by the Authority from time to time Now therefore, the Authority, after consultation with the Committee constituted under Section 110G of the Insurance Act, hereby directs that all general insurers registered to carry on general insurance business (including motor insurance business) or general reinsurance business shall collectively participate in a Pooling arrangement to share in all motor third party insurance business underwritten by any of the registered general insurers in accordance with the following provisions: 1. Participation in pooling arrangement: Every insurer registered to carry on general insurance business (including motor insurance business) or general reinsurance business shall automatically participate in the pooling arrangement to the extent set out herein. 2. Underwriting insurers: Every underwriting office of every insurer that is authorized to underwrite motor insurance business for the insurer shall also be authorized to underwrite motor third party insurance business that will be shared among all insurers through the pooling arrangement. 3. Pooling mechanism: The pooling of business among all insurers will be achieved through a multi-lateral reinsurance arrangement between the underwriting insurer and all the other registered insurers carrying on general insurance business (including motor insurance business) and general insurance reinsurers. 4. Participation in motor third party insurance pooled business: The participation of General Insurance Corporation of India (GIC) in the Pooled business shall be such percentage of the motor business that is ceded to it by all insurers as statutory reinsurance cessions under Sec 101A of the Insurance Act. The business remaining after such cession to GIC shall be shared among all the registered general insurers writing motor insurance business in proportion to the gross direct general insurance premium in all classes of general insurance underwritten by them in that financial year. 5. Underwriting of business: Underwriting offices of insurers shall follow the underwriting instructions of the General Insurance Council in the matter of procedures for underwriting and documentation and accounting and settlement of balances. The business shall be underwritten at rates and terms and conditions of cover as notified by the Authority from time to time. No vehicle owner shall be denied third party insurance cover in respect of his vehicle which is holding a valid permit for use on public roads except on grounds of attempted fraud. 6. Claims processing and settlement: All claims in respect of third party death or injury or physical damage shall be processed for settlement in a speedy and efficient manner in accordance with the instructions of the General Insurance Council. For this purpose, the Council shall adopt a pro-active claims settlement policy adopting the most efficient claims processing practices possible. 7. Administration of the Pooling arrangement: The GIC shall act as the administrator of the pooling arrangement. It will act under the guidance of the General Insurance Council. For this purpose, the Council may establish such Committees of insurers as are necessary to operate the Pooling arrangement and process and settle claims in the most efficient manner. 8. Remuneration: There will be no agency commission or brokerage payable in respect of motor third party insurance business. The underwriting insurer will be paid a reinsurance commission of 10 on the premium ceded by it to all the other insurers and reinsurers. The GIC as administrator shall be paid a fee of 2.5 of the total premium on motor third party insurance business in respect of the business underwritten for the pooled account. Each insurer shall bear the cost of hardware required to operate the pooling arrangement within its offices. The GIC will bear the cost of hardware necessary to administer the pooling arrangement in its offices. The cost of the operating software for the pooling arrangement shall be shared by all the insurers and reinsurers in the manner decided by the General Insurance Council. Each insurer shall bear the cost of travel of its executives to attend to the work relating to the pooling arrangement. However, any travel specifically to service a claim shall be recoverable as claims related expenses. 9. Agreement: The insurers and GIC shall enter into a multi-lateral reinsurance arrangement to give effect to this pooling scheme. 10. Review: The Authority will review the operation of the pooling arrangement and the need for regulation of the premium rates and terms of cover and will issue such directions from time to time as may be considered necessary. (C. S. Rao) Chairman Re: Guidelines on Anti Money Laundering programme for Insurers To, All the Insurers, Dear SirMadam, Further to our circular no. Circular No. 019IRDALIFE SEP-06 dated September 26, 2006 on Guidelines on Anti-Money Laundering Programme for Insurers, we advise that the constraints faced by the insurance industry in complying with the requirement of obtaining a recent photograph of the individuals for all new contracts were apprised to FIU-IND as indicated in para 2 of the referred circular. We are in receipt of a communication from FIU-IND wherein they have indicated that, it is fully justified to obtain a recent photograph from an individual client in view of the objective of the PMLA. In view of the stand taken by FIU-IND, all the insurers are required to comply with the requirement of Rule 9 of the PMLA rules in the implementation of the guidelines. Yours faithfully, (C. R. Muralidharan) Member 10th November 2006. 10th November 2006 INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS Regd. Off: Parishram Bhavan 5 th Floor, Basheer Bagh, Hyderabad - 500004. Tel: 040- 66626466 67 e-mail: iiislairdaonline. org NOTICE RE: LIST (2) OF APPLICATIONS RECEIVED BY IIISLA OTHER THAN THOSE MENTIONED IN LIST 1 The Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), hereinafter called the Institute, along with the Insurance Regulatory and Development Authority, had called for applications to the membership of the Institute vide its notices dated 26th November, 2005 and 10 th11 th January, 2006. The last date stipulated for receipt of applications for membership to the Institute with eligibility to contest vote for elections to the first council of the Institute was 28 th February, 2006. The Institute, however, has been receiving applications beyond 28.02.2006. The list(2) of such applications received and processed up to 31.05.2006 is attached. While the applications have been processed, the Institute hereby clarifies that these applications have not been considered for membership for the present. The list of applications processed after 31.05.2006 shall be put up separately at a later date. FOR IIISLA (Yegnapriya Bharath) Authorised signatory Hyderabad Date: November 10, 2006 INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS Regd. Off: Parishram Bhavan 5 th Floor, Basheer Bagh, Hyderabad - 500004. Tel: 040- 66626466 67 e-mail: iiislairdaonline. org NOTICE RE: LIST (1) OF APPLICANTS ADMITTED AS MEMBERS TO THE INDIAN INSTITUTE OF INSURANCE SURVEYORS AND LOSS ASSESSORS The Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), hereinafter called the Institute, along with the Insurance Regulatory and Development Authority, had called for applications to the membership of the Institute vide its notices dated 26 th November, 2005 and 10 th11 th January, 2006. The last date stipulated for receipt of applications for membership to the Institute with eligibility to contest vote for elections to the first council of the Institute was 28 th February, 2006. The Institute is pleased to publish the list (1) of 4340applicants approved and admitted as its Members for the aforementioned purpose. The list (2) of members whose applications are processed but are not considered for membership for the present, is also given separately. It is hereby informed that categorization of applicants as Fellow and Associate members is based on the declaration of applicants as regards their eligibility for Fellowship and Associateship respectively laid down by the Institute. While separate membership letters shall be mailed to the members, this may be treated as an initial acknowledgement. If there are any errorsomissions in the names andor address details, please do revert to us within 15 days of publication of this notice, to enable us to carry out the necessary corrections. FOR IIISLA (Yegnapriya Bharath) Authorised signatory Hyderabad Date: November 10, 2006 Re: Designating additional Public Information Officer under Right to Information Act, 2005 A reference in invited to office order No. ADMORD48Oct-05 dated October 24, 2005 designating Central Public Information Officer and Appellate Authority under Right to Information Act, 2005. The following officials are hereby designated as Public Information Officer for the Authority and in terms of Section 19 (1) of the said Act, to discharge the functions assigned under the Act. Name of the Official Department 1. Mr Prabodh Chander, ED - Non-Life, Hindi and Legal 2. Mr. K Subrahmanyam, ED - Actuarial 3. Mr. P C James, ED - Inspection and Health Insurance 4. Mr. M M Siddiqui. CSO - Intermediaries 5. Mr. Kunnel Prem. CSO - Life Insurance 6. Mrs. Vedakumari. ED - ATI, Corporate Agency and any other residuary matters This will be in addition to their normal duties. sd. (C. S. Rao) Chairman CC: All Members DG R D All Executive Directors All CSOs All JDs All the above individual officers Notice Board DD-IT for placing on Intranet This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Shri G. K. Raman, Chairman, Shri G. V. Rao, Shri B. Chakrabarti, Shri S. V. Samant and Shri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation, which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at New Delhi on 19th of October 2006 at the following venue. 19th October, 2006 Arcot Room Taj Connemara, Binny Road Chennai - 600 002 Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) Re: Guidelines on Anti Money Laundering programme for Insurers CEOs of All the Life Insurance CompaniesLife Insurance Council Further to our circular no. 043IRDALIFEAMLMAR-06 dt. 310306, and No. 013IRDALIFE JUL-06 dt. 27th July 2006 on Guidelines on Anti-Money Laundering Programme for Insurers. The following clarificationsrelaxations are being issued in response to the concerns raised by the insurers. 1. Documentation for identity and proof of residence: Doubts have been raised by insurers regarding the documents to be collected as valid identityresidence proof apart from what has been given in Annexure I to the guidelines. It is clarified that the list of documents provided in Annexure I of the guidelines for establishment of identity and residence proof may be deemed as illustrative. However while providing this flexibility to insurers on satisfactory documentation for this purpose the Authority would reiterate that there should be no dilution of the requirement. Documents which are easily obtained in any name like birth certificates, an identity card issued by the employer of the applicant even if bearing a photograph, credit cards, business cards, driving licenses (not bearing a photograph), provisional driving licenses and student union card should not be accepted mechanically and adequate safeguards should be in place to satisfy its acceptance. In other words, any other document that is accepted by the insurer to establish the identity and proof of residence as required under Rule 9 of the PMLA rules should be such that it would satisfy competent authorities (regulatoryenforcement authorities), if need be at a future date, that due diligence was in fact observed by the insurer in compliance with the guidelines and the Act. 2. Requirement of recent photograph address proof under PMLA Rules: a. We observe that documentation of permanent address and current address is mandatory for all the new contracts as required by Rule 9 of the PMLA rules. With the enlargement of the list of documents for establishment of identity as at para 2 above, the obtaining of appropriate documents for establishing the proof of residence would not be a major constraint and insurance companies are advised to comply fully with this statutory requirement in all cases. b. There were requests to do away with the mandatory collection of the photograph in case of individual clients as required under Rule 9 of the PMLA Rules 2005. The issue was represented to FIU-IND for which they have clarified that the requirement of submitting a copy of the recent photograph by an individual client is justified and cannot be relaxed. Mandatory requirement of a recent photograph of the client would be taken up again with FIU-IND in view of the representation received from the industry. In the interim, insurers are advised to comply with the PMLA Rules until the issues are resolved by FIU-IND. 3. We have examined other suggestionsrequests received from Life Insurance Companies and advise that the other requirements listed in the circular dated 31st March 2006 should remain unchanged. Insurers are advised to take note of the above modifications and ensure compliance with the framework in entirety. Yours faithfully, (C. R. Muralidharan) Member Constitution of Committee to review Broker Regulations This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Sri G. K. Raman, Chairman, Sri G. V. Rao, Sri B. Chakrabarti, Sri S. V. Samanth and Sri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at New Delhi on 5th and 6th of October 2006 at the following venue. Hotel Intercontinental, The Grand, Quorum No.2, Barakhamba Avenue, Connaught Place, New Delhi - 110 001, Ph. No.44447777 We also propose to hold meetings in the other metros, the details of which shall be put up on this website. Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) 5th September 2006. 5th September 2006 On account of the immersion of Lord Ganeshas idols in the twin cities of Hyderabad and Secunderabad on Wednesday the 6th September 2006, the office of the Authority at Hyderabad would remain closed that day. This issues with the approval of the Chairman. (A. Krishnan) Deputy Director (Admn.) Constitution of Committee to review Broker Regulations This is to inform that the IRDA has constituted an Expert Committee to review the Regulations governing the licensing of brokers. The Committee has been constituted in the light of the experience of the IRDA during the past three years and for making such recommendations as considered necessary to strengthen the role of brokers. The Committee comprises: Sri G. K. Raman, Chairman, Sri G. V. Rao, Sri B. Chakrabarti, Sri S. V. Samanth and Sri M. Ramadoss as Members. A copy of the office order constituting the Committee along with the terms of reference is available at the following link: The Committee is keen to have the benefit of the adviceviews of the various stakeholders. We shall be glad to have the views in the form of a written presentation which may be sent to the Committee through Post Email to the attention of the undersigned. The Email IDs of the undersigned, Chairman and Members of the Committee are given below: The Committee would also be happy to have personal discussions for about half an hour to 45 minutes where the Chairman and the Members shall be present. We propose to have a meeting at Kolkata on 26-8-06 at the following venue. Board Room, Hotel Hindustan International, 2351, A. J.C, Bose Road. Kolkata - 700 020, Tel. No.22802323 We also propose to hold meetings in the other metros, the details of which shall be put up on this website. Please send us a communication if you wish to participate in the personal discussions. (M. M.Siddiqui) Consultant Special Officer (Convener of the Committee) 9th August 2006. 9th August 2006 IRDAGIDetariff06 - Draft revised File Use Guidelines for General Insurance Products Enclosed is the draft outlining the revised file use guidelines for compliance by General Insurers. It outlines the various steps to be taken by the insurers in the proposed de-tariffied regime to ensure that the products developed by them comply with the File Use guidelines. If there are any suggestions regarding any of the matters contained in the draft guidelines you may write to us before 25th August 2006 so that it may be duly considered and appropriate modifications, if any, made. (PC James) Executive Director 7th August 2006. 7th August 2006 Updated list of Accredited (Off Line On Line) Agents Training Institutes These are divided into four zones. Circular No. 013IRDALIFE JUL-06 Re: Guidelines on Anti Money Laundering programme for Insurers All the Insurers, Further to our circular no. 043IRDALIFEAMLMAR-06 dt. 310306, Guidelines on Anti-Money Laundering Programme for Insurers. The following clarificationsrelaxations are being issued in response to the doubtsqueries raised by the insurers. 1. Application of AML guidelines to existing customers: In view of the practical hardships on account of retrospective application of AML guidelines from 1st April 2004, and in order to reduce the burden for carrying out KYC exercise for the very large number of existing customers, compliance of KYC norms on existing customers should be carried out by you with effect from 1st January 2006 . The compliance requirements are also further limited to the policies coming into force on or after 1st January 2006 and those covered under detailed due diligence procedures vide para 3.1.1 (ii), 3.1.3 and 3.1.5 of the circular. The AML requirements may not be applied to the remaining existing customers . i. e, those below the threshold premium of Rs. 1 lakh per annum. 2. Documentation for identity and proof of residence: a. All insurance customers would need to give identity of their name, through any of the documents listed in Annexure I of the guidelines (split into identityproof of residence requirements). If the document of identity also gives the proof of residence, no further documentation would be necessary in cases where proof of residence needs to be obtained. In other cases, the companies may verify their current residential detail as given in the guidelines. b. The following documentary evidences could also be treated as valid proofs of identity and residence besides the documents mentioned in Annexure I of the guidelines: i. Written confirmation from the banks where the prospect is a customer, regarding identification and proof of residence. ii. Personal identification and certification of the employees of the insurer for identity of the prospective policyholder. III. Valid lease agreement along with rent receipt, which is not more than 3 months old as a residence proof. iv. Employers certificate as a proof of residence. (Certificates of employers who have in place systematic procedures for recruitment along with maintenance of mandatory records of its employees are generally reliable). c. The following documentary evidences under Annexure I of the guidelines are valid proofs only under the specified condition: i. Bank account statement includes any bank account opened by the customer wherein his permanentpresent residence address is available. However, the statement should not be older than six months as on the date of acceptance. ii. Telephone bill pertaining to any kind of telephone connection like, mobile, landline, wireless etc is a valid proof of residence, provided it is not older than six months from the date of insurance contract. 3. In these guidelines unless the context otherwise requires - a. Public Authority is as defined under Section 2(h) of the Right to Information Act, 2005. (persmin. nic. inRTIWebActRTI. htm) b. Public Servant is as defined in Section 2(c) of the The Prevention of Corruption Act, 1988. (indialawinfobareactsprevca. htmlToc509302969) c. Politically Exposed Persons is as defined in the KYC norms issued by Reserve Bank of India (rbi. org. inscriptsNotificationUser. aspxMode0Id2039) The other requirements listed in the circular dated 31st March 2006 remain unchanged. Insurers are advised to take note of the above modifications and ensure compliance with the framework in entirety. (C R MURALIDHARAN) Member SUB :WORKING GROUP ON IRDA INVESTMENT REGULATIONS The IRDA (Investment) Regulations, 2000 were after its notification was subsequently modified partially in the year 2004. The KPN Committee on amendments to Insurance Act, 1938 have also recommended a re-look at the statutory provisions on the pattern of Investments prescribed for Insurers and have suggested amendments that would provide flexibility to the Authority in the manner of Regulation on Investments of Insurance Companies. With the expansion of the financial sector and introduction of new financial instruments requests for investment in such instruments and derivatives need to be examined for developing appropriate regulatory framework. IRDA has therefore decided to form a Working Group to examine the existing Investment Regulations and to review comprehensively the current statutory prescriptions and pattern of Investments for Insurance Companies and suggest changes considered necessary in the light of experience gained developments in Financial Markets and the genuine constraints faced by Insurance Companies. Further, it will look into the structure of the prescribed Returns and suggest modifications as may be considered necessary. The Working Group would be chaired by Shri C R Muralidharan, Member and will comprise of the following as its members. Shri G Mahalingam Chief General Manager (IDMD) Reserve Bank of India Shri Subhoban Sarkar Executive Director (Investments) Shri N S Kannan ICICI Prudential Life Insurance Company Shri G Muralidhar Chief Financial Officer Kotak Mahindra Life Insurance Company Shri Anuj Mathur Aviva Life Insurance Company Shri N V Murali United India Insurance Company Shri S S Gopalarathnam Chief Operating Officer Cholamandalam MS General Insurance Company Shri Viraj Londa M P Chitale Company Chartered Accountants (C R MURALIDHARAN) Member The IRDA and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute) had invited applications for membership of the Institute. We are glad to inform that we have received a good response of around 5000 applications for membership of the Institute. The processing of the applications is on. No sooner it is complete, than the list containing the exact number and other details shall be hosted on this website for information of all concerned. This will be followed by individual communications to the applicants. ( M. M. SIDDIQUI) CONSULTANT SPECIAL OFFICER Expression of Interest Re. Expression of Interest TAC has collected data from the general insurance companies on motor health insurance for the years 2003-04 and 2004-05. The statistics thus collected need to be analysed from actuarial and rate making point of view which could be useful in the ensuing detariffed regime. Before a final analysis is contemplated, it becomes necessary that a preliminary exercise need to be conducted on the collected data so as to assess the usefulness of the data from the analytics point of view and for rate making purposes. Agency (ies) based on the in-house technical capabilities and with proven experience in the analysis of general insurance data will be short listed as service provider(s) at a later date. This will be based on the preliminary exercise that they will undertake now on the available data. Any agency with proven experience in the analysis of general insurance data may express their interest by approaching IRDA within 21 days from today (26.5.06). For further details contact H. Ananthakrishnan, OSD, IRDA at hananthakrishnanirdaonline. org. (V. Vedakumari) ED(Admn.) Investment In Innovative Perpetual Debt Instruments Of Banks Tier-1 Capital Debt Capital Instruments Of Banks Upper Tier-2 Capital Re. INVESTMENT IN INNOVATIVE PERPETUAL DEBT INSTRUMENTS OF BANKS TIER-1 CAPITAL DEBT CAPITAL INSTRUMENTS OF BANKS UPPER TIER-2 CAPITAL The Reserve Bank of India vide Master Circular DBOD. No. BP. BC.5721.01.0022005-2006 dated 25th Jan, 2006 has allowed banks to raise Capital through issue of Hybrid Instruments as under for augmenting their Capital Adequacy: 1. Innovative Perpetual Debt Instruments for inclusion as Tier 1 Capital 2. Debt Capital Instruments eligible for inclusion as Tier 2 Capital 3. Perpetual Non-Cumulative Preference Shares for inclusion as Tier 1 Capital and 4. Redeemable Cumulative Preference Shares eligible for inclusion as Tier 2 Capital Insurance Companies, in general, have long term liabilities and require Instruments of Investment with matching maturities to optimally manage their assets and liability position. The above Instruments, which are likely to be issued by both Public and Private Sector Banks would have a minimum maturity period of 10 and 15 years, and would provide adequate flexibility to the Insurers in their Asset-Liability Management, with reasonable returns and hence provide Insurance Companies with appropriate Investment opportunity. The Authority had therefore examined the various aspects of these instruments and have decided that the above Instruments may be deemed as a part of Approved Investments for the purpose of Section 27A and 27B of Insurance Act, 1938, under powers vested in Section 27A(s) and 27B(j) of Insurance Act, 1938, subject to the following conditions: 1. The Debt Instrument issued by Banks in Private Sector shall be rated not less than AAA by an independent, reputed and recognized Rating Agency and those issued by Banks in Public Sector shall have rating not less than AA. 2. Preference shares issued by the Banks shall satisfy the conditions specified under section 27A (1) (i) and 27A (1) (j) of Insurance Act, 1938 in the case of Life Insurers and 27B (1) (e) and 27B (1) (f) of Insurance Act, 1938 in the case of Non-Life Insurers. 3. In the case of a Life Insurer, investments in the various Hybrid Instruments shall at all times not exceed 10 of Investment in Approved Category which are subject to Exposure Norms (i. e. 10 of 35 which is 3.5 of Life Fund) and not more than 5 of respective fund size of other than Life Fund, namely Pension General Annuity Funds, Groups excluding Group Pension and Group Annuity Funds and Unit Linked Funds. 4. In the case of Non Life Insurers, all Investments in such Hybrid Instruments shall at any point of time not exceed 10 of Investments under Approved Investments which are subject to Exposure Norms (i. e. 10 of 55 which is 5.5 of Investment Assets) 5. All exposure Norms applicable for Approved Investments shall be applicable for these Hybrid Debt Instruments Preference Shares Issued by the Banks. 6. If the Hybrid Debt Instrument is down graded below AAA, in the case of Private Sector banks and (below AA in the case of Public Sector Banks) such investments shall be re-classified as Other than Approved Investments apart from reporting in FORM 2 of IRDA (Investment) Regulations, 2000. 7. In case the Interest on the Instrument is not serviced on due dates, the Investment in such Hybrid instruments are to be re-classified as Other than Approved Investments from such date for reporting to the Authority through FORM 3A (Part A) or FORM 3B (Part A) of IRDA (Investment) Regulations, 2000 in respect of Life and Non-Life Insurers respectively and all guidelines for Classification, Income Recognition and Valuation of Assets issued by RBI shall be applicable for such Investments. The necessary changes to incorporate the Investments made as per this circular have been given in Guidelines INVGLN0012003-04 (ver.02 - 28042006) and INVGLN0022003-04 (Ver.02 - 28042006) (C R MURALIDHARAN) Memeber Sub: Tendering for Insurance Covers All CEOs of General Insurance Companies It has been reported to IRDA that a practice of calling for tenders for insurance cover required by some clients has developed and that in some of these tender exercises, the insurer is required to pay some amount for buying the tender documents and also to pay an earnest money deposit. It has also been reported that in some cases clients invite bidding through the internet where the portal is kept open for a short window of time and insurers are expected to compete on price. Insurers are reminded that competition should not result in introduction of practices that are not suitable to technically sound transaction of insurance business. Insurance cannot be transacted like sale of a commodity. Proper underwriting requires that the insurer fully understands the requirements of the client and is able to ask for and receive all the information required to support a technically sound rating of the covers required. This is obviously not possible in the sealed tender system or e-bidding system. Besides, limiting competition to price alone is against the interests of the client to whom quotation is offered and since the policyholders fund ultimately is affected by the results of the business, it is generally against policyholders interests. Insurers are therefore, advised to inform any client seeking to use the tender process about the impropriety of that system for insurance business and offer to provide competitive quotations for the covers best suited to the needs of the client after obtaining all the required underwriting information. Insurers should not canvass business through a non-participative process of tendering or e-bidding. The Authority reserves the right to require an insurer to state the process of quoting terms for a particular client and to technically justify the premium quoted for its covers. (C. S. Rao) Chairman Re: IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000Clarifications All Life Insurers, Non Life Insurers and Re-insurer, Queries have been raised by insurers on various matters relating to the manner of computation of solvency margin as provided in the Regulations. To ensure consistency in the interpretation of the Regulations, the following clarifications are issued. Insurers are required to ensure compliance with these clarifications while computing the solvency margin as at 31st March, 2006 and thereafter. 1. Table I to Form KG: Statement of Solvency Margin: (General Insurers) (a) Gross Premium for the purpose of Solvency Margin shall be the aggregate of gross direct premium and reinsurance accepted premium and (b) Incurred claims: Explanation (ii) to Section 64VA of the Insurance Act, 1938 stipulates that net incurred claims means the average of the net incurred claims during the specified period of not exceeding three preceding financial years. It is now clarified that: i. the Gross Incurred Claims and Net Incurred Claims (inclusive of IBNR and IBNER) shall be taken as the average of the previous three years (excluding the financial year with reference to which the solvency of the insurer is being computed) and shall in no case be less than the amounts of Gross and Net incurred claims for the financial year ending on the reporting date and ii. The incurred claims should also include claims pertaining to reinsurance accepted. 2. Valuation of Assets: Schedule I of the Regulations Clause 2 (3) of the Regulations provides that all assets of an insurer, other than those specified at (1) and (2), have to be valued in accordance with the IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002. However, as a matter of prudence and also consistent with the requirement of section 64 V (1) (i) of the Insurance Act, 1938 which states that assets shall be valued at values not exceeding their market or realizable values, for the purpose of computation of solvency margin, debt securities shall be valued at lower of the amortized cost and the market value. It is, thus, clarified that while for the purpose of preparation of financial statements the debt securities would continue to be valued at the amortized cost, for the purpose of computation of solvency margin, these shall be valued at lower of the amortized cost and the market value. 3. Clause 2 (ii) to Schedule II-B of the regulations lays down the manner of determination of Reserve for Unexpired Risk. Some insurers have misinterpreted this provision to mean that even where the actual reserves maintained in the Accounts of the insurer are higher, it is adequate to use the percentages stated in the Regulations for assessing the solvency margin. It is clarified that it will not be prudent to consider a reserve for computation of solvency margin which is less than that created in the financial statements. Accordingly, the Reserve for Unexpired Risks taken into account for the purpose of computation of solvency margin should be the higher of (i) the actual reserve maintained in the books of accounts of the insurer and (ii) the URR arrived at based on the percentages stated in the Regulations for each class of business stated therein. 4. Deferred Tax Assets: Section 64 V (1) of the Insurance Act, 1938 and the regulations list out the assets which shall be assigned value zero. While Deferred Tax Assets have not been listed there under, as a matter of prudence, it is hereby advised that such assets shall also be assigned zero value for the purpose of computing solvency margin. All insurers are advised to ensure compliance with the clarifications issued herewith effective from the statements as at the end of financial year 2005-06. (C. S. Rao) Chairman Re: Guidelines on Anti Money Laundering programme for Insurers All the Insurers, 1. The Prevention of Money Laundering Act, 2002 (PMLA) has been brought into force with effect from 1st July 2005. Necessary Notifications Rules under the said Act have been published in the Gazette of India on 1st July 2005 by the Department of Revenue, Ministry of Finance, and Government of India. 2. As per the provisions of the Act, every banking company, financial institution (which includes Insurance company) and intermediary shall have to maintain a record of all the transactions the nature and value of which has been prescribed in the Rules notified under the PMLA. 3. The Guidelines enclosed herewith are being issued to the insurers in the context of the recommendations made by the Financial Action Task Force (FATF) on anti-money laundering standards. 4. You are advised to ensure that a proper policy framework as per the Guidelines on anti-money laundering measures is put into place by 1st July 2006. You are also advised to designate an officer as Principal Compliance Officer who would be responsible for ensuring compliance of the provisions of the PMLA. Names, designation and addresses (including e-mail addresses) of Principal Compliance Officer should be intimated to the Office of the Director-FIU, 6th Floor, Hotel Samrat, Chanakyapuri, and New Delhi 110021 India and to the Authority immediately. 5. This circular is being issued in exercise of powers conferred under Section 34 of the Insurance Act, 1938. (C. R. Muralidharan) Member Ms. ICAN Health Services Private Limited, (hereinafter referred to as the company) with Registered Office at A-92 Meera Nagar, North Main Road, Koregaon Park, Pune 411 001, was granted TPA-Health Services License No. 14 under TPA-Health Services Regulations 2001 for a period three years from 21st March 2002 to 20th March 2005. The operating office of the company is located at 101, Naina Gracias Plaza, 1st Floor, Opp. Fatima Convent, Above Kitchenette, Margo 403601, Goa. Several Complaints were received against ICAN Health Services Private Limited pointing out irregularities and deficiencies in their functioning. The Authority therefore appointed Mr K J Prabhakar to inspect the records of the company and submit report. The inspection report of Mr K J Prabhakar brought out following irregularities and violations of IRDA (Third Party Administrators - Health Services) Regulations, 2001: bull Breach of code of conduct prescribed by the said Regulations more particularly Regulation No 21(1) relating to professional conduct and Regulation No. 21(2) relating to the duties, obligations and responsibilities of the TPA and is officers, employees and representatives. bull Breach of Regulation 3(4) of the IRDA (TPA - Health Services Regulations, 2001) with regard to maintaining of working capital. bull Unauthorized alteration in the Character and ownership of the company since the grant of license in violation of Regulation 14(3). bull Causing this financial condition of the company to deteriorate to such an extent that it cannot function effectively thus providing a cause of action for revocation or cancellation of licence under Regulation 14(2). bull The company is functioning improperly and against the interests of insurers and policy holders thus providing a cause of action for revocation or cancellation of licence under Regulation 14(1). The Authority, therefore vide its letter dated 22nd August, 2005 appointed Shri. J. P.Jain as the enquiry officer to conduct an enquiry in the matter. Mr. Rashid Souza, on behalf of ICAN Health Services Private Limited, participated in the enquiry and had the opportunity of making submissions and presenting documents. The company applied for renewal of its licence expiring on 20th March, 2005. To facilitate the enquiry, the licence of the company was provisionally renewed extended up to 20th December, 2005 and the company was also directed not to enter into any fresh contract with insurance companies. As per directions of the Enquiry Officer, during the course of the enquiry proceedings, a copy of the Investigation report was made available to the company. Shri J. P. Jain Enquiry Officer, on the completion of enquiry, submitted his report dated 14th November, 2005 and holding that the following charges were fully established: 1) That Ms ICAN Health Services Pvt. Ltd has breached the code of conduct prescribed by Regulation 21(1) and 21(2) of the TPA Health Services Regulations, 2001 by not following the guidelinesdirections issued by the Authority. 2) That it breached Regulation 3(4) of the IRDA (TPA-Health Services Regulations, 2001) with regard to maintaining of working capital. 3) That character and ownership of the company has changed significantly since the grant of licence, which is violation of Regulation 14(3). 4) That the Financial condition of the Ms ICAN Health Services Pvt. Ltd. has deteriorated and that it cannot function effectively which is violation of Regulation 14(2). The enquiry officer held the following charge as partly established. 5) That Ms ICAN Health Services Pvt. Ltd. are functioning improperly and against the interest of the Insurance Company and policyholders, which is a violation of regulation 14(1). A Copy of the enquiry report was made available to the company. An opportunity was also given to the company to make submissions before Member of the Authority on 6th of January, 2006. The company did not present themselves on that date and requested for a revised date. On the revised date of 30th of January, 2006, the company did not present themselves through a representative. The inspection report, enquiry report, submissions and the documents on record have been carefully examined and Authority is satisfied that the charges as enumerated in 1 to 5 above against the company have been established to the extent they have been upheld by the enquiry officer in his report. In view of the foregoing and having regard to the nature and the gravity of the charges as established, the application for renewal of TPA Health Services License No. 14 of Ms. ICAN Health Services Private Limited is hereby declined. SD. (C. S. Rao) Chairman Re. PUBLIC NOTICE It has come to the notice of the Authority that a company by the name and style Sunlink India Insurance Company Limited is doing insurance business and collecting money from the general public for issuance of motor insurance policies from the following address:- Room No.301, Antrix Complex, 5 th Floor, Near BBC Tower. Sayajigunj, Vadodara Tel. 0265 222 62956297 Fax: 0265 222 6295 This is to inform that this Authority has not granted any license whatsoever under Section 2C (1) and 3 (1) of the Insurance Act, 1938 to the said company for carrying on the business of insurance which is a condition precedent under the provisions of the Act and the companys operations are in violation of the provisions of the Insurance Act, 1938 and IRDA Act, 1999. IRDA has already initiated further appropriate action in the matter. The general public are hereby cautioned not to purchase insurance policies from the said company or through any person claiming thereunder. The general public are hereby cautioned not to purchase insurance policies from the said company or through any person claiming thereunder. Pursuant to the advice of the Government of India based on the recommendations of the Bhandari Committee to set up an institute for surveyors and loss assessors, the Insurance Regulatory and Development Authority has got The Indian Institute of Insurance Surveyors and Loss Assessors ( IIISLA) incorporated on 4th October, 2005. Notice calling for membership to IIISLA was first given on 26th November, 2005.It was followed up by another notice on 11th January, 2006 wherein the One-time entry fee and Annual membership fee to IIISLA stood reduced. The reduction in fee was in response to appeals from a large number of surveyors and loss assessors who felt that the fee initially proposed was high. The revised fee for membership to IIISLA for all eligible surveyors and loss assessors is as follows: One-time entry fee: Rs.5000-(uniform for all members) Annual Membership fee: Fellow - Rs.2000- Associate - Rs.1500-. Following the reduction, the last date for submission of applications has been extended from 24th January, 2006 to 28th February, 2006. Only those surveyors who apply for membership before the due date i. e. 280206 shall be eligible to participate in the elections to the first Council of the Institute. The Annual membership fee being collected would be valid for the period upto 310307. Those who have paid membership fee as per notice dated 26th November, 2005 are being refunded the excess fee paid. Details about IIISLA, including the application form for membership along with instructions and the Memorandum and Articles of Association, are available on IRDA website irdaindia. org. Details may also be obtained from the office of the IRDAIIISLA at 3rd 5th floors, Parishram Bhavan, Basheerbagh, Hyderabad: 500 004. Telephone Nos of Surveyors department are: 040 55626466, 040 55626467 General Telephone Nos are: 040 55820964, 040 55789768, Fax: 040 55823334. 8th February, 2006. Message for Trainee Surveyor Examination, May 2006 Trainee Surveyors Examination 1. ALL THE APPLICANTS ENROLLED WITH INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY AS TRAINEE SURVEYORS UPTO JUNE 30TH, 2005 (TRAINING ENROLLMENT NO. 3331 TO 3740) AND HAVE SUBMITTED THEIR QUARTERLY TRAINING REPORTS WITH THE AUTHORITY ARE ADVISED TO DOWNLOAD THE APPLICATION FORM FOR INSURANCE SURVEYORS EXAMINATION AND SUBMIT THE SAME ALONGWITH THE REQUISITE FEE TO INSURANCE INSTITUTE OF INDIA, UNIVERSAL INSURANCE BUILDING, 6TH FLOOR, SIR PHEROZSHAH MEHTA ROAD, MUMBAI - 400001, TELEPHONE NOS. 022-22872923 AND 22874722, FAX NO.022-22873491. 2. CANDIDATES ARE ADVISED TO APPEAR FOR THE EXAMINATION ONLY FOR THE RESPECTIVE DEPARTMENTS FOR WHICH THEY ARE ENROLLED. SURVEYORS WHO ARE LICENCE HOLDERS NOT CATEGORIZED BUT ENROLLED WITH IRDA AS TRAINEE SURVEYORS, LICENCE HOLDERS ENROLLED FOR ADDITIONAL DEPARTMENTS, PROVISIONALLY CATEGORIZED SURVEYORS AND REPEATERS ARE ALSO ELIGIBLE TO APPEAR FOR THE EXAMINATION. 3. THE LAST DATE OF SENDING APPLICATION FORMS TO INSURANCE INSTITUTE OF INDIA, MUMBAI IS 20th MARCH, 2006. INCOMPLETE APPLICATION FORM IN ANY RESPECT WILL NOT BE ENTERTAINED. 4. THE FEE STRUCTURE IS AS FOLLOWS :- ADMISSION FEE. RS.150- SECTION - I (Compulsory Paper). RS.250- SECTION - II. RS. 250- PER SUBJECT. 5. EXAMINATION TIME TABLE IS AS UNDER. SUBJECT NO. TITLE Section-I(S-01) Motor Insurance 09.30am to 12.30pm 2.00pm to 5.00pm 09.30am to 12.30pm 2.00pm to 5.00 pm Fire Ins. Marine Cargo 09.30am to 12.30pm 02.00pm to 05.00pm LOP Marine Hull 09.30am to 12.30pm CONSULTANT AND SPECIAL OFFICER 1st February, 2006. Change of name of AMP SANMAR Life Insurance Co. Ltd. Consequent to the acquisition of the entire equity capital of AMP, Australia and Sanmar Group in AMP Sanmar Life Insurance Co. Ltd. by Reliance Capital Limited, the Authority has taken note of the change of name of the company AMP Sanmar Life Insurance Co. Ltd. to that of Reliance Life Insurance Co. Ltd. and the fresh certificate of incorporation, consequent to change of name, issued by the Registrar of Companies, Tamil Nadu dated 17.01.2006. The Authority has noted the above change in its record and permitted Reliance Life Insurance Co. Ltd. (RLICL), to carry on the business of life insurance in India subject to the condition, inter-alia, that RLICL shall honour its commitments to the policyholders of AMP Sanmar Life Insurance Co. Ltd. on the same terms and conditions subject to which they were issued and that RLICL shall take necessary steps to protect the interests of the policyholders in accordance with the provisions of IRDA Act, 1999, Insurance Act, 1938 and the Rules and Regulations made thereunder. All Life Insurers, Attention is invited to IRDA circular No. IRDALife0062005-2006 dated 27 April 2005 on the subject of Keyman insurance. It has been reported that some insurers are disregarding the spirit behind that circular and are selling Partnership insurances through endowment or unit-linked plans. Insurers should not lose sight of the basic principle that a person purchasing life insurance can only do so to the extent of his insurable interest in the life assured. An employer buying keyman insurance purportedly for his own benefit cannot prove insurable interest beyond a certain cover protecting against death of the key employee and similar is the position of a partner buying insurance on the life of another partner or the partnership firm buying insurance on the lives of its partners. Accordingly, all insurers are advised strictly to ensure that where the premium for the insurance on the life of an employee is paid by the employer or where the premium on the life of a partner is paid by another partner or by the partnership firm, the scope of cover is not wider than term assurance. It is hoped that insurers will abide by these instructions in letter and in spirit. Any products designed to circumvent this circular will be considered as a deviation from good business practice besides being considered as a violation of these instructions. Please acknowledge the receipt of this circular. (C. S. Rao) Chairman All the Insurers, At present, the in-principle approval of IRDA to insurers in respect of opening of new places of business do not prescribe a time limit for the actual opening of offices. It has been observed that some of the insurance companies take an unduly long time to open new places of business after obtaining the sanction for the same from the Authority, defeating the objective of expeditious opening of branch offices to provide better reach to the customer. It has therefore been decided that effective from 1st January 01, 2006, new places of business should be opened within a period of one year from the date of approval letter from the Authority and after the expiry of the time limit, insurers have to apply afresh. 2. Insurers are advised to review the existing position in respect of the branchesoffices where in-principle approval of IRDA has been granted but the offices have not been opened for more than one year thereafter and furnish us the full details. 3. Insurers shall also intimate to IRDA henceforth, the date of opening of the approved branch office, within 15 days of its opening. (C. R. Muralidharan) Member all General Insurance Companies General Insurance Corporation of India. The Insurance Regulatory and Development Authority (General Insurance-Reinsurance) Regulations, 2000 stipulates inter alia as under: Regulation 3(7):Insurers shall place their reinsurance business outside India with only those reinsurers who have over a period of the past five years counting from the year preceding for which the business has to be placed, enjoyed a rating of at least BBB(with Standard Poor) or equivalent rating of any other international rating agency. Placements with other reinsurers shall require the approval of the Authority. Insurers may also place reinsurances with Lloyds syndicates taking care to limit placements with individual syndicates to such shares as are commensurate with the capacity of the syndicate. The above mentioned provision requires insurers to choose appropriate reinsurers abroad for placing their reinsurances. There is no limitation on use of Indian insurers or reinsurers for placement of reinsurance since they are regulated by IRDA. It has come to the Authoritys notice that some insurers are agreeing to the insured choosing the reinsurers either directly or indirectly. The Authority reiterates that the contract of insurance is independent of the contract of reinsurance and the client is not a party to the contract of reinsurance. It is the function and responsibility of the insurance company to choose the appropriate reinsurers within the framework of the Regulations. The Authority will therefore not permit any insurer to dilute this function and responsibility by permitting the broker or the insured to specify conditions with regard to reinsurance placements or leaving the choice of the reinsurers directly or indirectly to the insured. Non-compliance of the directives contained herein shall invite appropriate action of the Authority. (C. S. Rao) Chairman The IRDA and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute) had, vide a notice dt. 26-11-2005 invited applications for membership of the Institute indicating the fee structure which was as follows: Entry fee - Rs. 10,000- for surveyors existing on cut-off date, i. e.20-11-2000 Rs. 5,000- for surveyors enrolled after cut-off date Annual subscription - Fellow Rs 3,500- Associate Rs.2,500- The IRDA and the Institute have received representations from a large section of surveyors indicating that they would find it difficult to pay the entry fee and annual subscription as notified vide notice dated 26-11-05. The matter was put before the Ad-hoc committee of surveyors and after due consideration it was decided by the Institute and the IRDA that the fee structure would be revised as follows: One-time entry fee. Rs. 5,000- (uniform for all members) Annual fee - Fellow. Rs. 2000- Associate. Rs. 1500- The due date for submission of the applications has also been extended up to 28-02-2006. The annual fee paid now would be valid for the period up to 31-03-2007. The Institute and the IRDA hereby invite all eligible surveyors and loss assessors (i. e. surveyors who are both licensed and categorized) to enroll themselves as members of the Institute by paying the prescribed fee and submitting the duly filled in application form along with the required enclosures on or before 28-02-2006. All surveyors who have already sent the application with the fees notified earlier would be refunded the excess fees. For further details, application form, instructions, etc. kindly access the website irdaindia. org. (M M SIDDIQUI) Consultant Spl. Officer The Authority had issued new Guidelines for Corporate Agents vide Circular Ref: 017IRDACircularCA Guidelines2005 dated 14th July, 2005. Clause 7 of the aforesaid Guidelines reads as under: The Chief Insurance Executive, the designated officer and other specified persons who will be employed by the applicant should be whole time employees of the applicant. Atleast one of the persons should have insurance qualification to the extent of FFII or AFII or such qualification or experience that IRDA may at its sole discretion, consider adequate. The Authority has received a number of representations from the Insurers seeking relaxation of the above guideline in respect of issuance of fresh licenses as well as renewal of existing licenses on the ground that persons with FFII AFII or equivalent qualifications are not readily available. Some of the insurers have indicated that they had instructed their CIE or SP to acquire the requisite qualification which will take some more time. The Authority, after careful examination of the difficulties expressed by the Insurers and also having regard to the need to follow the above guidelines scrupulously for the ordely development of the Industry, has decided as under: i) In so far as issuance of new licenses of Corporate Agents are concerned, there shall be no relaxation whatsoever of the Guidelines dated 14th July, 2005. (ii) However, in case of existing licenses that come up for renewal, the aforesaid Clause 7 of the Guidelines will not be enforced till 1st April, 2007 and the renewal will be provisional subject to review by 1st April, 2007. (iii) All other provisions of the Circular dated 14th July, 2005 shall be implemented in toto. (V Vedakumari) Executive Director 21st December 2005. Press release - Guidelines to insurers in respect of design of products under Unit-Linked Life Insurance Plans The Insurance Regulatory and Development Authority has issued today Guidelines to insurers in respect of design of products under Unit Linked Life Insurance Plans. The Guidelines are intended mainly to ensure that they lead to greater transparency and understanding of these products to the insured, since, the investment risk is borne by the policyholders. The Guidelines concurrently envisage extension of minimum insurance cover to be offered under the products (with exceptions in respect of the pension and the annuity products) and certain prudent practices on other features of ULIP products like partial withdrawals, top-up premiums, etc. to meet the objective of greater flexibility and long term protection to the insured. The Guidelines define the nomenclature of various charges and how they are to be levied, so that the customers are clearly aware of various charges under the product and are apprised of the unit prices on a daily basis. For more details, the IRDAs website may be consulted at irdaindia. org. (C. R. MURALIDHARAN) MEMBER This is further to our notice dated 26th November, 2005 inviting applications for membership to the Indian Institute of Insurance Surveyors and Loss Assessors. The Insurance Regulatory and Development Authority (IRDA) and the Indian Institute of Insurance Surveyors and Loss Assessors (the Institute), along with the Ad-hoc Committee of Surveyors constituted for the purpose of assisting IRDA in setting up the Institute, are organizing meetings for the benefit of all Surveyors who are eligible to become members of the Institute. The last of these meetings would be held in Hyderabad at the venue mentioned below at 14.30 Hrs. on 27th December, 2005: Surana Udyog Auditorium Federation of Andhra Pradesh Chambers of Commerce Industry 11-6-841 Red Hills Post Box No.14 Hyderabad - 500004. The meeting might be subject to change and details of modifications, if any, shall be indicated on our website (irdaindia. org). All eligible Surveyors and Loss Assessors of Andhra Pradesh region are invited to attend the meeting at the aforesaid venue. ( P. C. James ) Executive Director (NL) The existing procedure for grant of permission by RBI for opening of an office by an insurance company registered outside India has been revised in consultation with the Government of India and it has been decided that hence forth such permission would be granted by IRDA. In this context a Liaison Office would mean a place of business to act as a channel of communication between the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial trading industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad through normal banking channel. Persons desirous of opening liaison offices shall apply to the Insurance Regulatory and Development Authority in Form IRDA - FIC -1 attached as Annexure 1 . The applicant company shall be required to comply with the terms and conditions of the General Permission granted by RBI under the Foreign Exchange Management Act, 1999 and any other law in force. The permission for opening of liaison office in India by an insurance company registered outside India are subject to the terms and conditions as may be additionally stipulated by the Authority from time to time. In order to streamline, regulate and develop the profession of Surveyors Loss Assessors, the Bhandari Committee, appointed by the Ministry of Finance, Government of India, had proposed that it was necessary to promote the establishment of an institute for Surveyors and Loss Assessors. The Ministry of Finance accepted the recommendation and advised the IRDA to promote an institute on the model of the Institutes of Company Secretaries or Chartered Accountants. From three years of its establishment, the institute would be considered for conferment of a chartered status. In furtherance of the Ministrys advice, IRDA has got the Indian Institute of Insurance Surveyors and Loss Assessor incorporated on 4th October, 2005 under Section 25 of the Companies Act, 1956. The Institute has its registered office at Hyderabad. The main objects of the Institute. inter alia, are promotion of quality in the profession of surveyors and loss assessors through education and training, introduction of best practices amongst its members, conduct of professional examinations relating to the profession of surveyors and loss assessors, promotion of research and studies in loss control and minimization techniques, development and administration of code of conduct and ethics among the surveyors and loss assessors and ensuring compliance of the same. The Certificate of Incorporation and the Memorandum and Articles of Association of the Institute can be accessed at irdaindia. org. (The Institute is in the process of enrolling members and the Application form for this purpose is hosted alongside this notice. Surveyors and loss assessors holding valid licence as well as categorization issued by the IRDA are eligible to become members of the Institute. There are two classes of membership, viz Associate and Fellow and criteria therefor are mentioned in the annexure to the Application form. Membership fee: One Time entry fee - Rs.10,000- for existing surveyors on cut-off date Rs.5,000- for members enrolled thereafter. Cut-off date for this purpose would be 20112000 i. e. the date on which IRDA (Insurance Surveyors and Loss Assessors ) Regulations, 2000 came into force. Annual Membership fee: Fellow: Rs.3500- Associate: Rs.2500- The IRDA and the Institute hereby invite all eligible surveyors and loss assessors fulfilling the above criteria to enroll themselves as members of the Institute by paying the prescribed fee and submitting the duly filled in application form al ong with the required enclosures on or before the expiry of 60 days from the date of this notice. (P. C. JAMES) EXECUTIVE DIRECTOR WHEREAS Ms. Inspire Ensurance Broking Solutions Pvt. Ltd.(hereinafter referred to as broker) a Direct Insurance Broker having Insurance Broking License No. 201, Code No. DB096-03 presently having Regd. Office at Commerce House, 5th Floor, 2 A, Ganesh Chandra Avenue, Kolkatta had voluntarily approached this Authority vide their letters dated, 15th October and 13th May, 2005, to surrender the direct insurance broking license granted to them. WHEREAS the Authority had put up a Notice No. IRDADB09603 dated 20th June, 2005 on its website inviting all concerned to express their objectionsclaims, if any, with regard to the voluntary surrender of the insurance broking license by the broker within 30 days from the publication of this notice. The Authority did not receive any objections or claims against the request of surrendering the license made by the broker. NOW THEREFORE, The Authority in exercise of powers conferred under section 14(2)(a) of IRDA Act, 1999 hereby withdraws the License NO. 201 granted to the broker Code No. DB096-03. This is issued for the information of all concerned in public interest. (P. C. James) Executive Director The Law Commission submitted its Report to the Government of India, vide letter D. No. 6(3)(75)2002-LC (LS) on 1st June 2004, indicating the amendments modifications to the Insurance Act 1938. While submitting the Report to Government of India, the Law Commission opined that in respect of a few areas, a detailed examination by the experts is needed. Consequently, the Commission did not indicate any amendments or modifications to these sections of Insurance Act, 1938, which require inputs from those with domain knowledge. The Authority has. therefore, constituted a Committee with Sri K. P. Narasimhan as Chairman on 7th March 2005 to give a report to the Authority on the following:- 1. The areas in which the Commission suggested examination by insurance experts. 2. The areas in which the Commission did not recommend any modification at all, but require changes. 3. Suggestions if any, on the recommendations made by Law Commission. 4. Any new sections, which may be created to suit to the needs of the stakeholders of the insurance industry. The Committee has submitted its report. The KPN Committees Report is kept on IRDAs website at irdaindia. org. The Law Commission Report is also available on the website at lawcommissionofindia. nic. in. The Authority would be happy to receive the comments on the Report of the KPN Committee and also the Law Commission. You are requested to send your views either by e-mail: commentskpncirdaonline. org or by post to the Authority to the following address. Sri K. Subrahmanyam, Executive Director, Insurance Regulatory and Development Authority, 3 rd Floor, Parishram Bhavan, Basheer Bagh, Hyderabad - 500 004.
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