Business Daily from THE HINDU group of publications
Monday, Sep 08, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Monday, Sep 08, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Life Insurance States - Andhra Pradesh LIC negotiating with IRDA on new equity guideline Our Bureau Visakhapatnam, Sept. 7 The LIC (Life Insurance Corp) is in communication with the Insurance Regulatory and Development Authority on the new guideline restricting the stake of any insurance company to 10 per cent in a company and “hopefully a solution will emerge”, according to Mr A.K. Dasgupta, Managing Director. Mr Gupta said at a press meet here on Sunday evening that the LIC had stake of more than 10 per cent in several blue chip companies and the investment had been made in conformity with the LIC Act and the earlier guidelines of the IRDA. Lic monopoly? When asked whether any exemption granted to the LIC would vitiate the concept of the level playing field in the insurance sector, he said the issue should be viewed in a different perspective. Answering a question on the issue of the Government guarantee to the LIC and the proposal to revoke it, Mr Gupta said the solvency margin of the LIC was 152 per cent and “there has never been an occasion for the Government to bale out LIC. So the guarantee remains unutilised. There is really no point in making a big fuss over it”. He said LIC was coming up with several initiatives to serve the customers better and face competition in the field. He asserted that LIC was ahead in all respects. Earlier, Mr Dasgupta visited the Sankar Eye Foundation and donated Rs 3 lakh for the construction of an operation theatre. Mr N. Prabhakara Rao, Senior Divisional Manager of the Vizag division, Mr D.D. Singh, Zonal Manager, and Mr K. Ganesh, Regional Manager (Marketing), accompanied him. More Stories on : Life Insurance | Stocks | Andhra Pradesh
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