General Insurance Corporation of India (GIC) Sample Clauses

General Insurance Corporation of India (GIC). The General Insurance Corporation of India (GIC) was set up as a Government company under the General Insurance Business (Nationalisation) Act, 1972 for the purpose of superintending, controlling and carrying on the business of ‘General Insurance’. The GIC was authorized to carry out the general insurance business through its four subsidiaries viz. National Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd. and United India Insurance Company Ltd. With the notification of the General Insurance Business (Nationalisation) Amendment Act, 2002, the GIC was designated as the ‘Indian Reinsurer’ on 3rd November, 2000 and its supervisory role over its subsidiaries ended. The ownership of these subsidiaries companies now rests with the Government of India. General Insurance Corporation of India (GIC Re) is a leading global reinsurance and risk solution provider with its Registered Office of the Corporation in Mumbai and liaison offices in New Delhi, Kolkata and Chennai to cater to the needs of clients in these metro cities. As the ‘Indian Reinsurer with a global footprint’, GIC Re provides reinsurance support for all the general insurance companies (non-life) in India. Internationally, GIC Re leads the reinsurance programmers of insurance companies in SAARC region, African countries and in the Middle East. Apart from reinsurance business, GIC Re continues to participate in the share capital of Kenindia Assurance Company Ltd. (Kenya), India International Insurance Pte Ltd., Singapore, East Africa Re and Asian Reinsurance Corporation, Bangkok. It also holds 35% share in Agriculture Insurance Company of India Ltd. GIC Re is expanding its global presence. During 2013-14, international business contributed 47 % of its revenue. GIC Re has 4 overseas offices with branch Offices in London, Dubai and Malaysia and a Representative Office in Moscow. GIC Re has an ‘Eventual Reinsurer’ status in Brazil. The Corporation has also entered in to a JV in Bhutan to set up the first reinsurance company of Bhutan, GIC Bhutan Re Ltd. This is in operation from September 2013. GIC Re has also acquired a composite reinsurance company Saxum Re in South Africa in April 2014. This is the first acquisition, a 100 per cent subsidiary of GIC Re, the Indian Reinsurer. GIC Re also manages Marine Hull Pool, Indian Terrorism Insurance Pool and the Indian Motor Third Party Declined Risk Insurance Pool. GIC Re has been selected as the Manager for Nat Cat Pool prom...
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Related to General Insurance Corporation of India (GIC)

  • Air Travel Insurance (a) In the event of death or disability incurred while travelling by commercial aircraft on business of the Employer, regular and auxiliary employees will be covered by the terms and conditions of the Employer blanket insurance policy.

  • Dental Insurance Plan 9.9.1 The College will pay one hundred percent (100%) of the premiums for a dental insurance plan, except as per 9.1.4.1.

  • Travel Insurance The Employer shall provide and pay the full cost for travel insurance to cover all members of the bargaining unit for all modes of travel, in the amount of $200,000.00. The travel insurance policy shall also cover employees while on union business.

  • INDUSTRIAL INSURANCE COVERAGE The Contractor shall comply with the provisions of Title 51 RCW, Industrial Insurance. If the Contractor fails to provide industrial insurance coverage or fails to pay premiums or penalties on behalf of its employees, as may be required by law, Agency may collect from the Contractor the full amount payable to the Industrial Insurance accident fund. The Agency may deduct the amount owed by the Contractor to the accident fund from the amount payable to the Contractor by the Agency under this contract, and transmit the deducted amount to the Department of Labor and Industries, (L&I) Division of Insurance Services. This provision does not waive any of L&I’s rights to collect from the Contractor.

  • Group Insurance Plan The carriers, coverage, and terms and conditions of participation under the District’s Group Insurance Plan are subject to change in accordance with the applicable provisions of Title I, Division 4, Chapter 10 of the California Government Code (Section 3500 et seq.) (Xxxxxx‐Milias‐Brown Act).

  • Basic Medical Insurance All regular Employees may choose to be covered by the medical plan for which the British Columbia Medical Plan is the licensed carrier. Benefits and premiums shall be in accordance with the existing policy of the plan. The Employer will pay one hundred percent (100%) of the regular premium.

  • Health and Dental Insurance ☐ Husband ☐ Wife shall maintain coverage for each minor child under the medical and dental insurance provided through his/her employment. To facilitate the use of such coverage for the child(ren), the Couple shall cooperate fully and in a timely manner, including, but not limited to, obtaining and providing all necessary insurance cards and claim forms, completing and submitting all necessary documents, and delivering all insurance payments. For purposes of duration and modification, this provision shall be deemed part of the child support orders made by the local court in the Couples’ dissolution action.

  • HEALTH AND LIFE INSURANCE The Sheriff will continue to offer to employees of this bargaining unit the same health and life insurance programs being offered to other Sheriff’s Office employees. Due to the changing nature of the health insurance market, the Sheriff retains the right during the term of this Agreement to develop plan changes or to change carriers in order to reduce costs or for other reasons. Changes to the level and types of benefits shall be subject to bargaining as provided by law. Rates paid by the employee will be established by the Sheriff.

  • Dental Insurance The State agrees to pay one hundred percent (100%) of the employee premium of a dental insurance program for full-time employees. The benefit levels of this program shall provide one hundred percent (100%) coverage for preventive care and eighty percent (80%) coverage for general service care. The State agrees to provide payroll deduction for dental insurance, provided such arrangements are agreed to by the insurance carrier. Dependent coverage will be available provided there is sufficient employee participation in the dental insurance program. Dependent coverage will be at the employees' expense.

  • Retirement Insurance A teacher retiring from the District and under the provisions of Teachers’ Retirement Association (TRA) is eligible to continue to participate in group insurance programs (health insurance, dental insurance, life insurance, supplemental life insurance) as permitted under the insurance policy provisions provided the teacher pay the entire premium for such group insurance programs commencing with the beginning of the retirement (see District Website, Human Resources for specific coverage available). The teacher shall be responsible for paying the monthly premium amounts in advance and on such dates as determined by the District/third party administrator. The right to continue participation in such group insurance programs will discontinue upon the failure of the teacher to pay the premiums to the District/third party administrator, or the expiration of insurance availability under the insurance policy provisions. Since long-term disability insurance coverage replaces salary, and a retiree receives no salary, long-term disability insurance coverage is not available.

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