Business Standard

Thursday, January 23, 2025 | 03:40 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Oriental Insurance Company

CAG flags Rs 194 crore loss incurred by Oriental Insurance in FY20

State-owned Oriental Insurance Company Ltd incurred a loss of Rs 194 crore during FY20 for failing to properly determine bidding rates for Pradhan Mantri Fasal Bima Yojna, said a CAG report. According to report number 12 presented in Parliament earlier this week, Oriental Insurance Company Ltd determined the bidding rates for Pradhan Mantri Fasal Bima Yojna in 2019-20 by applying pricing components uniformly without specific determination as per the terms and conditions of the Agriculture Quota Share Reinsurance treaty with General Insurance Corporation of India, being Re-insurer. "This led to imposition of Loss Corridor clause of the treaty by GIC and consequent loss of Rs 194.08 crore," it said. Imprudent underwriting of Group Janta Personal Accident Policy of the Maharashtra state government by the public sector general insurance company without reinsurance cover and in violation of guidelines of Insurance Regulatory and Development Authority of India (IRDAI) in 2018-19 led to a

CAG flags Rs 194 crore loss incurred by Oriental Insurance in FY20
Updated On : 19 Dec 2024 | 7:28 PM IST

Oriental Insurance hopes to turn profitable by end of FY24: R R Singh

The public sector non-life insurer narrowed its losses to Rs 47.12 crore in the first half of the financial year 2024 from Rs 3,586.93 crore recorded in the same period a year ago

Oriental Insurance hopes to turn profitable by end of FY24: R R Singh
Updated On : 14 Nov 2023 | 8:55 PM IST

Centre to infuse Rs 5,000 crore in state-run general insurers: Report

On October 14, the finance ministry notified the wage revision plan for officers and employees of state-run insurers which is expected to cost Rs 8,000 crore to these companies

Centre to infuse Rs 5,000 crore in state-run general insurers: Report
Updated On : 18 Oct 2022 | 9:04 AM IST

Not buying add-on cover can prove costly sometimes

The National Commission observed that liability under the policy could neither be extended nor curtailed, but would be determined according to the terms of the contract

Image
Updated On : 09 May 2022 | 12:02 AM IST

Govt-owned insurers go for organisational rejig, look for consultants

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

Govt-owned insurers go for organisational rejig, look for consultants
Updated On : 03 May 2022 | 12:00 PM IST

Govt puts Oriental Insurance's solvency ratio at a dismal 0.69

The number was flagged in a recapitalisation advice, sent by the department of financial services in the finance ministry to the company this week.

Govt puts Oriental Insurance's solvency ratio at a dismal 0.69
Updated On : 02 Apr 2022 | 1:22 AM IST

Oriental Insurance Co categorised as public shareholder in Axis Bank

Axis Bank on Tuesday said The Oriental Insurance Company has been categorised to public category from promoter category shareholder in the bank

Oriental Insurance Co categorised as public shareholder in Axis Bank
Updated On : 21 Dec 2021 | 1:00 PM IST

Coverage ends when goods reach destination

According to the National Commission, shifting of the generator after completion of transit does not fall within the scope of the marine and transit policy

Image
Updated On : 26 Sep 2021 | 7:37 PM IST

Axis board gives approval to reclassify Oriental Co as public shareholder

Axis Bank on Wednesday said its board of directors has approved to reclassify The Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder.

Axis board gives approval to reclassify Oriental Co as public shareholder
Updated On : 15 Sep 2021 | 7:05 PM IST

Govt may consider privatising Oriental Insurance or United India: Report

To further strengthen their financial health, the government is expected to infuse Rs 3,000 crore in the public sector general insurance companies during the current quarter

Govt may consider privatising Oriental Insurance or United India: Report
Updated On : 21 Feb 2021 | 11:00 PM IST

From arbitration to ONGC's customs refund, here're the key court orders

An arbitration which was caught in legal knots for 12 years will start now after the Division Bench of the Bombay high court set aside the order of the single judge bench.

From arbitration to ONGC's customs refund, here're the key court orders
Updated On : 01 Mar 2020 | 10:45 PM IST

Oriental Insurance pegs capital need of around Rs 3000 crore in FY21

The actual growth plan would be finalized on the basis of capital support the insurer gets from the government

Oriental Insurance pegs capital need of around Rs 3000 crore in FY21
Updated On : 29 Feb 2020 | 1:23 AM IST

Govt looking at final bill after cabinet okays funds for 3 insurance firms

The companies would soon announce the formation of joint Lok Adalats as well as take the help of the insurance Ombudsman

Govt looking at final bill after cabinet okays funds for 3 insurance firms
Updated On : 12 Feb 2020 | 10:59 PM IST

Joyride is not a risky activity

The forum observed that a joyride under a trained pilot is neither banned nor illegal. It said the exclusion clause had been wrongly invoked

Joyride is not a risky activity
Updated On : 22 Aug 2019 | 12:24 AM IST

EY sets 18-month timeline for merger of three insurance companies

It will also conduct a valuation exercise of the assets of the firms

EY sets 18-month timeline for merger of three insurance companies
Updated On : 20 Aug 2019 | 1:41 AM IST

A large single non-life PSU is needed for market health: United India CMD

In an email interview, Girish Radhakrishnan says such an entity would have the muscle to control market behaviour and curb the "adventurous" marketing practices of private firms

A large single non-life PSU is needed for market health: United India CMD
Updated On : 24 Jul 2019 | 11:39 PM IST

Oriental Insurance posts Rs 15 bn net for FY18 on boost in treasury income

Underwriting losses have come down to Rs 19.23 billion as against Rs 43.36 billion in the previous financial year

Oriental Insurance posts Rs 15 bn net for FY18 on boost in treasury income
Updated On : 01 Aug 2018 | 3:16 PM IST

Oriental Insurance to list on bourses in FY19

Oriental Insurance, which had seen its solvency ratio go below the mandatory level of 150 per cent, has improved it to 152 per cent for half year ending September 2017

Oriental Insurance to list on bourses in FY19
Updated On : 28 Nov 2017 | 2:46 AM IST

Oriental Insurance to list on bourses in FY19

Oriental Insurance, which had seen its solvency ratio go below the mandatory level of 150%, has improved it to 152% for half year ending September 2017

Oriental Insurance to list on bourses in FY19
Updated On : 27 Nov 2017 | 8:45 PM IST