PERSONAL FINANCE


IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

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IANS 24 February 2022
The Indian government owned General Insurance Corporation of India (GIC), a reinsurance company is facing a multimillion dollar lawsuit in the US filed by AM Re Syndicate Inc.   The US based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling...

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Amitabha Banerjee Amitabha Banerjee 18 February 2022
Ahhmmm…….that is me! Let me explain.   The executive assistant to the chief executive officer (CEO) arrived in Kolkata on a tour around India, explaining the new organisation structure to the management team.   The organisation chart included a hitherto non-existent box –...

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IANS 12 February 2022
The Supreme Court on Friday held that an insurance company cannot reject a claim on the basis that there was a delay in communicating the theft of a vehicle to it.   A bench of Justices Sanjiv Khanna and Bela M. Trivedi said: "When the complainant had lodged the FIR immediately after...

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Walter Vieira Walter Vieira 11 February 2022
Today, in the 21st century, we talk more and more about networking than we ever did in the past. There is much said about opportunities for networking, the benefits of networking and training oneself for networking. Many of the successful people I have met have been those who have been able...

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IANS 08 February 2022
The paid up capital of the Life Insurance Corporation of India (LIC) stands at Rs6,324.99 crore as on 31 December 2021, said Bhagwat Karad, minister of state for finance.   In a written reply to a question raised in the Rajya Sabha, Mr Karad on Tuesday said the Central government on...

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Amitabha Banerjee Amitabha Banerjee 04 February 2022
I was given a tough assignment: set up non-resident Indian (NRI) banking in the Middle East.   Our bank was already three years behind Citi, Grindlays, and StanChart plus several nationalised banks, which made the task quite daunting.   I developed a marketing plan, complete...

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Walter Vieira Walter Vieira 28 January 2022
I was looking back at a foreign company that had started in India in the 1960s. They had a few well-known brands but had only a notional presence in India. They were keen to come into the country in a big way. They were careful to select an outstanding executive to be their first chief...

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Amitabha Banerjee Amitabha Banerjee 21 January 2022
One of my first tasks, as branch manager, was to make courtesy calls on the most important corporate clients of the branch to introduce myself and establish good connections. My main point of contact with these clients was the head of finance because he was the person who dealt with banks and...

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Cured of Covid-19 and wanting to buy a life insurance policy? Then wait for a period ranging from one to three months, say life insurers.   This has been the practice of some life insurers during the first wave of Covid-19 and now practiced by others as well," a senior insurance...

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Amitabha Banerjee Amitabha Banerjee 07 January 2022
I was the manager of the BBD Bagh branch in Calcutta, reporting to the manager - eastern India.   I was always on the lookout for some new business so that I could increase the profits of my branch.   In the process, I came across a non-customer who was importing timber on a...

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The Insurance Regulatory and Development Authority of India (IRDAI) has capped the quantum of surety insurance contracts for an insurer at 10% gross premium written subject to a maximum of Rs500 crore per year.   IRDAI has also stipulated that  non-life insurers wanting to underwrite...

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Reinsurers operating in India are forcing disciplined risk underwriting practices in primary insurers in the life and non-life sectors, rather than the latter's promoters.   Recently, life insurers decided to hike their premium rates for term insurance policies following pressure from...

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Walter Vieira Walter Vieira 31 December 2021
There are times in life when it pays to pretend ignorance, when you pretend to know not – but actually, you do know! Especially when it comes to managing your boss – whether in the world of commerce or in politics.   Here are 8 basic rules that have always helped people survive and...

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Moneylife Digital Team 29 December 2021
An insurer cannot reject a claim by citing an existing medical condition disclosed by the insured person in the proposal form, once the policy has been issued, the Supreme Court (SC) has said. The SC held that no insurance company can refuse a mediclaim citing that the policyholder only...

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Moneylife Digital Team 24 December 2021
Given the pervasive impact of technology in education, many education-technology (ed-tech) companies offer courses, tutorials, and coaching for competitive exams online. However, the Union government has warned parents and students to be careful while opting for online content and coaching...

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Amitabha Banerjee Amitabha Banerjee 24 December 2021
On my first visit to the Calcutta main branch, after taking up my new posting, I was surprised to find great stacks of large cartons lying on the verandah just outside the main door. I was told that they contained the computers, printers, and terminals that had been sent ahead of the...

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Walter Vieira Walter Vieira 17 December 2021
It is amazing how much communication takes place, even before a person starts speaking. From the gait and the smile, from the clothes and the shoes. For some people, the dress becomes the trademark – a part of the personality!    Jawaharlal Nehru and the Nehru jacket with a red rose,...

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Venkatachari Jagannathan (IANS) 15 December 2021
The Insurance Regulatory Authority of India (IRDAI) is not exempted from getting the Chief Vigilance Commissioner's approval before appointing its Chief Vigilance Officer, the government said.   The position was made clear in Finance Minister Nirmala Sitharaman, in a written reply to...

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Amitabha Banerjee Amitabha Banerjee 10 December 2021
The apartment assigned to me in Calcutta was No 12A, 10 Judges Court Road, located in the posh area of Calcutta – Alipore. Why 12A, you may ask. Actually, it should have been flat 13, but 13 was an unlucky number, you see.   The building had come up in the 1930s to house high-ranking...

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