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No plan to take general insurance firms public

Updated: August 30th, 2015, 22:59 IST
in Uncategorized
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Press Trust of India

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Odisha CM launches 'Shaktishree' initiative for safety, security of female students on campus Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi Saturday announced the launch of 'Shaktishree', a comprehensive initiative aimed at ensuring the safety and security of women students and staff across all higher education campuses in the state. The announcement was made in the wake of the death of a 20-year-old student by self-immolation over an alleged sexual harassment incident at Fakir Mohan (Autonomous) College in Balasore. Describing Shaktishree as a "transformative empowerment and self-defence initiative", the chief minister said it will be implemented across 16 state universities and 730 government and aided colleges in the state for ensuring safety of girl students. "This initiative will ensure the safety of girl students and create safer and more inclusive campuses in our higher education institutions," Majhi said. 'Shaktishree will have eight focus points such as Shaktishree Empowerment Cell, Shaktishree Mobile Application, Code of Conduct for Teaching and Non-Teaching Staffs, SAFE Campaign (Shaktishree Actions for Female Empowerment), Annual Campus Safety Report, CCTV Surveillance, Online courses on POSH Act, 2013 and UGC Regulations and Shakti Swarupini (all persons involved in the initiative), officials said. PTI

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            Mumbai, August 30: Even as the new insurance law has an enabling provision for allowing five public sector general insurers to go public, the government has no plans at present to dilute its stake in them. “As of now there is no plan to list any of the general insurance companies,” Financial Services Secretary Hasmukh Adhia, who will take over Revenue Secretary from next month, told PTI.

            The new Insurance Act allows the government to disinvest its stake in five general insurance companies — New India Assurance, United India Insurance, National Insurance, Oriental Insurance and sole reinsurer GIC Re. However, the new law keeps Life Insurance Corporation (LIC) out of this ambit and therefore will continue to be a 100 per cent state-owned company. “All the four state-owned general insurance companies are well-capitalised and they don’t need capital through IPOs,” chairman and managing director of a public sector general insurance company said.

            Analysts believe the government which has disinvested in all the state-owned banks may exercise the same option for state-owned general insurers some time later. “None of these companies, except one or two, has financials which can really enthuse investors to pick up stake in these companies. All of them continue to have large underwriting losses and low on profitability,” a market analyst said. However, New India Assurance, which is the largest general insurer, has said the call has to be taken by the government.

            “It is up to the government to take a call. We haven’t heard anything from them,” New India Assurance chairman and managing director G Srinivasan had said while announcing the June quarter results recently.

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