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United India Insurance Company Ltd will recruit 7,000 agents in the next three months. “Our agent force is 53,000 now. We will have 60,000 agents before the end of current financial year,†Chairman and Managing Director Milind Karat told newspersons here. Read more
Asean, a not-for-profit organisation that runs Faridabad-based Asean Institute of Insurance and Risk Management (AIIRM), along with insurance companies is holding talks with various state governments for setting up an insurance university. Read more
United India Insurance Company plans to enter the Middle East and SAARC countries to tap the potential in these regions due to a presence of a large India diaspora, a top company executive has said. “UII is eyeing operations in Middle East and SAARC nations. Though this is in preliminary stage, a detailed survey has revealed rich potential due to a large Indian diaspora and business activities of Indian and foreign companies,” the state-owned company’s CMD Milind Kharat told reporters. Read more
The family members of a man, who died in a road mishap due to rash driving of a tempo in which he was travelling, have been awarded a compensation of nearly Rs 13 lakh by a Motor Accident Claims Tribunal (MACT) here. The Tribunal directed the United India Insurance Company Ltd, with which the offending vehicle was insured, to pay Rs 12,96,100 to the wife, two children and the parents of victim Shailender Kumar Mehto. Read more
State-run non-life insurers that have started setting up a common third-party administrator (TPA) would initially invest Rs. 1 billion. The four insurers plan to set up the TPA company in the next six months, the media reports said. Read more
Public sector United India Insurance would cross the Rs 10,000 crore premium mark by the end of this financial year, a growth rate of 26 per cent, a top company official said today.
“We are confident of crossing Rs 10,000 crore on total premium collected. We expect to grow at 26 per cent by the end of March 2013,” United India Insurance Chairman and Managing Director Milind Kharat told reporters here. Read more
Mr. Kharat takes over from the outgoing CMD G.Srinivasan who is now the CMD of New India Assurance, another public sector general insurance company. Read more
The company has also been directed to pay up for the cost of litigation, amounting Rs 1000. Late Bajrang Lal Sharma bought a insurance from ‘Child Welfare Fund Scheme’ which was promulgated by Ilam System Ltd (Kolkata) and the appellant United India Insurance Company (Bilaspur).
Bajrang Lal Sharma had also deposited the premium amount for the insurance.
Read morePublic sector United India Insurance has become the first in the country to offer customers a facility to pay their premium through mobile phones, a top company official said today. Read more
Only a dozen companies will qualify to float an initial public offering (IPO) as per the draft guidelines put out by the Insurance Regulatory Development Authority (IRDA) recently. Read more