Department of Financial Services: Insurance Division

ALLOCATION OF WORK IN INSURANCE DIVISION

Insurance-I Section

LIC Business


• Review of the performance of LIC.
• Laying of Reports of LIC in Parliament.
• Opening/ winding up of branches of LIC in India.
• Appointment of Auditors for LIC.
• Administration of PP Act in LIC and references relating to Estate matters in LIC.
• Foreign operations/ subsidiaries of LIC.
• References on Social Security Schemes and other life insurance schemes.
• Review of performance and making budgetary provisions for various GOI funded schemes such as Janashree Bima Yojana, Shiksha Sahayog Yojana, Varishatha Bima Yojana and Aam Aadmi Bima Yojana
• Other Social Security Group Insurance Schemes under LIC.
      • Central Government Employees Group Insurance        Scheme.
      • Postal Life Insurance Scheme.
      • Employees’ Provident Fund Scheme.
• All Government sponsored/ supported schemes in life insurance.
      • Any other life insurance or social security products/ scheme proposals.

Other



• Appellate Authority constituted under Section 110H of the Insurance Act, 1938.

Coordination work relating to the following Committees:



• Committee for the Welfare of Women.
• Committee for the Welfare of SC/ST.
• Estimates Committee.
Appointments

• Selection & appointment of Chairman/ MDs, LIC, appointment of Directors on the Board of LIC, appointment of ex-officio members on the subsidiaries of LIC.
• Permission for foreign deputation of Chairman and MDs of LIC.
• Permission for commercial employment after retirement for Chairman/ MDs, LIC and other executives of LIC.
• Policy issues concerning selection of Chief Executives in the PSU insurance companies including AICL.
• Appointment on the Boards of public sector non-life companies including AICL
• Foreign deputation of Insurance executives; permission for Chief Executives of non-life companies including AICL.

IRDA


• Appointments of Chairperson and Members of IRDA.
• Service condition of Chairman, Members and employees of IRDA.
• Budget and Funds of IRDA.
• Other matters relating to Brokerage agencies, entry of new companies and regulations of IRDA.

Service Matters


• Service matters, rules and regulations in all public sector insurance companies.
• Representations on service matters by employees of public sector insurance companies.
• Service matters of Development Officers/ Agents/Intermediaries.
• Wage Revision/ Bonus/ VRS in LIC / Public Sector General Insurance Cos.
• Implementation of Pension Scheme/ policy matters on commercial employment.

Official Language


• Implementation of Official Language Act, 1963 in public sector insurance companies.
• Matters relating to the Parliamentary Committees or any other Committee on Official Language.
• Compilation of periodic progress reports regarding implementation of Official Language Act within Insurance Division.

Others:


• References relating to Indian Stamp Act.
• Issues relating to Institute of Actuaries.
• All VIP references, Parliament matters, court cases and Audit Paras on above subjects and commercial audit of PSU insurance companies.
• Any other task assigned by Additional Secretary/Joint Secretary/Director