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An Insurance Education Program was held on January 10, 2025 at the Central State Library, Chandigarh
It was attended by students and members of the library.
Mr. Y V Chawla, voting council member gave a power point presentation titled ‘Insurance as a protection tool and Career Opportunities in insurance sector’.
Mr. Vikas Chadha, Regional Manager, Oriental Insurance, Chandigarh addressed the participants and delved mainly on career openings in Insurance sector in different fields including technical and marketing areas.
Program was coordinated by Dr. Neeja Singh, Librarian.
52st Annual General Meeting of the Chandigarh Insurance Institute at Oriental Insurance RO, Chandigarh on 16-06-2023
Convocation function to facilitate the newly elected Associate/Fellow members was also held.
The occasion was graced by Mr. Jasvinder Singh, DGM Oriental, Mrs. Kiran Jacob, DGM New India, Mr. Rajeev Singal, DGM New India and Regional Managers from Oriental and New India. Dr. Kiran Mehta, Dr Rashmi Aggrawal from Chitkara University also attended the function.
Membership of the Chandigarh Institute as on 31-3-2023 is as under:
Associates 1153
Fellows 1341
Life Members 5181
Total 7675
Total number of members as on 31-03-2022 was 7543. An increase of 132 members. Percentage increase is 1.74%.
Activities of the Institute:
For online examination registration, slot booking and guidance for registration 560 candidates availed the facility through the Chandigarh Institute.
Coaching classes:
Web coaching of IC 26 and IC 46 papers through audio sessions uploaded on Google classroom.
Coaching classes for papers S 01, S 06, IC 72, Surveyors’ Examination were also conducted by the Institute through Google classroom.
Study Course Books:
Sufficient stock of study course books was kept to meet the demand of the members from the whole region including Punjab, Haryana, Himachal Pradesh, J&K apart from local Chandigarh.
Voting Council seat:
Voting council seat validity extended by III for another year.
AGM and Council virtual meetings was attended by the office bearers wherein various issues faced by members regarding syllabus, revision of study material were highlighted.
Seminars:
Three local Seminars were conducted during 2022-23 at Palampur in association with IISLA, Punjab for Surveyours.
We at Chandigarh are running like a mini College of Education for Insurance.
Regular web coaching for IC 26 and IC 46 papers.
Regular web coaching for S01 and IC 72 for Surveyors.
Coaching on demand for other papers IC 92, IC 85, IC01, IC11 and other papers.
Maintaining a pool of teachers to meet the demand for training by different Insurance Companies.
Conducting training for Postal Life Insurance candidates
Conducting Seminars
Publication of Books
Web presence:
Website : https://sites.google.com/site/ifcrchdindia/home
You Tube Channel:
https://www.youtube.com/channel/UC9u7MbnkQEnwhAt4rDa3XUw
(Insurance Education and Research)
Face Book Page: https://www.facebook.com/chandigarhinsuranceinstitute
WhatsApp Group of Associated Institutes (It was initiated by Chandigarh Insurance Institute last year which includes all the associated institutes. This has immensely helped in sharing insurance related information apart from insurance activities initiated by different chapters).
This presence on the web has certainly gone a long way in furthering the cause of spreading insurance education and innovation in an effective way.
MOU with Universities:
Contact details of seven Universities of the Region were sent to III, Mumbai for integration of Insurance subjects at Graduation and Post Graduation level.
Response was received from Chitkara University. After detailed discussions and follow up, MOU was signed with Chitakra on 18-04-2023.
Audited accounts duly audited were placed before the house and approved.
Mr. Y V Chawla, Vice Chairman, delivered vote of thanks address.
51st Annual General Meeting of the Chandigarh Insurance Institute
51st Annual General Meeting of the Chandigarh Insurance Institute held through Google meet on the web on 03-06-2022
Membership of the Chandigarh Institute as on 31-3-2022 is as under:
Associates 1136
Fellows 1295
Life Members 5112
Total 7543
Total number of members as on 31-03-2021 was 7342. An increase of 201 members. Percentage increase is 2.74%.
Activities of the Institute:
For online examination registration, slot booking and guidance for registration 560 candidates availed the facility through the Chandigarh Institute.
Coaching classes:
Web coaching of IC 26 and IC 46 papers through audio sessions uploaded on Google classroom.
A new addition - Coaching classes for papers S 01, S 06, IC 72, Surveyors’ Examination were also conducted by the Institute through Google classroom.
Study Course Books:
Sufficient stock of study course books was kept to meet the demand of the members from the whole region including Punjab, Haryana, Himachal Pradesh, J&K apart from local Chandigarh.
Voting Council seat:
Voting council seat validity extended by III for another year.
AGM and Council virtual meetings was attended by the office bearers wherein various issues faced by members regarding syllabus, revision of study material were highlighted.
Seminars:
Two local Seminars were conducted during 2021-22.
1. Fire Policies coverages and case studies for Surveyors on 05-02-2022
2. Study of Balance Sheet of a General Insurance Company on 26-02-2022
We at Chandigarh are running like a mini College of Education for Insurance.
Regular web coaching for IC 26 and IC 46 papers.
Regular web coaching for S01 and IC 72 for Surveyors.
Coaching on demand for other papers IC 92, IC 85 and other papers.
Maintaining a pool of teachers to meet the demand for training by different Insurance Companies.
Conducting training for Postal Life Insurance candidates
Conducting Seminars
Publication of Books
Web presence:
Website : https://sites.google.com/site/ifcrchdindia/home
You Tube Channel:
https://www.youtube.com/channel/UC9u7MbnkQEnwhAt4rDa3XUw
(Insurance Education and Research)
Face Book Page: https://www.facebook.com/chandigarhinsuranceinstitute
WhatsApp Group of Associated Institutes (It was initiated by Chandigarh Insurance Institute last year which includes all the associated institutes. This has immensely helped in sharing insurance related information apart from insurance activities initiated by different chapters).
Broadcast Channel on WhatsApp for all our members (in the pipeline)
This presence on the web has certainly gone a long way in furthering the cause of spreading insurance education and innovation in an effective way.
III floated an Essay writing competition for office bearers’ on the topic:
“Basing on the learning from Covid19 pandemic, how can academic bodies like I.I.I. assist insurance industry participants and support initiatives of the Government for Life & Health Insurance?”
Mr. Y V Chawla, Vice Chairman participated in the competition and won the third prize. (An abstract is enclosed)
Abstract
Covid-19 and The Role of Insurance Academics
(An Essay to show how the crisis impact can be mitigated for the mankind)
The whole population of the world may not be physically affected but there can not be a single person who has not felt the heat of the pandemic psychologically.
Role of Insurance academics like The Insurance Institute of India can not be undermined in dealing with the critical situations arising out of pandemic like Covid -19.
From data collection, analysis, training and awareness – the academics can use their tools to mitigate the complications emanating from such crisis. The areas referred in the essay are:
Change in Strategy
The Effects of Pandemic
Customer demands Digital Experience even in Complicated Financial Products
Offering Innovative Products
Changed Scenario for the Insured
Legal Issues in Claims due to Business Interruption
The importance of Non-Damage Business Interruption Coverage
Impact on Claims
Universal Health Coverage
Role of TPAs
The demand for Universal Health Coverage (UHC) is gaining ground and is already under the active consideration of governments in many countries. The universal vaccination programme of the govt. of India for Covid 19 has shown a trailer towards the UHC.
UHC can entail regulated Medical Insurance funded by the government. In this scenario, no doubt insurance companies will have a sizeable role to play.
Another area is Non Damage Business Interruption losses where the Insurance Companies can frame suitable policies to cover these losses. An example as to how the non coverage of such risks by the Indian Premier League led to huge losses is cited in the essay.
In the essay, to draw home the point, I have profusely drawn from the studies and analysis conducted by various global and Indian financial and business organisations.
It is the work and analysis done by academics that goes to make insurance a viable safety cover for the general public and at the same time comes to the rescue of the Insurance Companies to make it a viable business.
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Seminar on 'Fire Insurance' (virtual Mode)
on 05-02-2022 for Surveyors
Seminar on 'Study of Balance Sheet of a
General Insurance Company' (virtual Mode) on 26-02-2022
Seminar at Chandigarh reported in the III, magazine.
Click below to see:
http://www.coi.org.in/documents/10156/442d026f-7124-4492-a72f-af60c69ba35d
Local Seminar on Group Mediclaim Policy for Employees
Held on 17-03-2017
Mr. Vinnie Taneja presented through slide shows-policy guidelines and limits of expenses under various heads and policy coverage.
Mrs. Shashi Sharma explained the revised provisions of the policy regarding sum insured enhancement option from 01-04-2017 and coverage of independent children and their families, parent’s in law and so on.
Doctor Rakesh Kalra, Regional Manager, Raksha TPA showed through slides-how TPA provides cashless settlement. He explained limits under the policy and various practical issues concerning claim settlement. He also showed- how Raksha TPA app can be downloaded in the mobile phone and its benefits.
Queries were raised by the participants particularly regarding the difficulties faced at the time of availing cashless facility, which were clarified by the speakers.
Mr. P K Jain, Chief Regional Manager addressed the participants and explained that larger sum insured should be opted as the cost of enhancement was quite low.
National Seminar on PENSION OTHER EMPLOYEE BENEFITS
AND SOCIAL SECURITY
Hotel Oyster, Sector 17-A, Chandigarh
Organized by The Chandigarh Insurance Institute
on 01-12-2016
Panelists- 1. Dr Varinder Kumar, GM (Retd) 2. Dr. Rajesh Attri, DGM (Retd)
3. Dr. S L Khosa, DGM (Retd) 4. Sh. Joginder Singh, Secretary Ombudsman
Ø On the dais were the panelists and Chief Executives of PSU Insurance Companies
Ø Mr. Y V Chawla gave his welcome address and explained-how the idea of the seminar on pension employee benefits and social security was conceived.
Ø Anthem of the Institute was played.
Ø Mr. KNS Sodhi presented through slide shows activities of the Chandigarh Chapter since beginning. The first fellow of Chandigarh Insurance Institute, Mr. T R Bakshi (Retd) was felicitated on the occasion.
Ø Dr. Rajesh Attri, Ex DGM addressed the gathering and gave his inputs on the topic. He said-‘pension invariably brings smile on the faces of retirees’.
Ø Dr. S L Khosa, EX DGM in his addressed threw light on the issue that before 1995 pension was considered a smaller version of Contributory provident Fund. The position has changed altogether now.
Ø Mr. Harsh Tiwari, Manager, United India, Principal, RTC gave his detailed presentation on Pension Scheme 1995 and that of 2009 and NPS. He explained through slide shows-how the pension fund is managed, where the investments are made.
Ø -Mr. KNS Sodhi had collected data and other information on-whether one more option can be given to left out employees. He presented it through slide shows also. The efforts were acclaimed by one and all.
Ø Mr. Joginder Singh, Secretary, Ombudsman explained in his address that the pension system of the companies is well managed. But due to non availability and unauthenticity of the data-one more option was not opened as it was done in Banks in 2010 where it was made part of Bipartite settlement.
Ø Mr. Rakesh Chopra, New India was quite enthusiastic in explaining-how the case of one more option and revision of pension on every wage revision can be put before the Management / Government and sufficient funds are there to meet the cost. He remembered-before 1995 pension was not considered a lucrative option but now the position has changed.
Ø Dr Virander Kumar, Ex GM concluded the proceedings that one more option and further improvement in the scheme and revision in pension on every wage revision has to be considered keeping in view the availability of pension funds.
Ø The crux of the Seminar was- to make available the investigation report as per -The pension fund is subject to investigation every year by an actuary as per Pension Scheme, 1995. Point no.11
‘Actuarial investigation of the Fund - The Corporation shall cause an investigation to be made by an Actuary into the financial condition of the Fund every financial year, on the 31st day of March, and make such additional annual contributions to the Fund as may be required to secure payment of the benefits under these rules: Provided that the Corporation shall cause an investigation to be made by an Actuary into the financial condition of the Fund, as on the 31st of day of March immediately following the financial year in which the Fund is constituted.’
This report can be quite helpful in designing an option for left out employees to opt for pension and also revision of pension when the scales are revised.
Ø -Mr. KB Bindal, RM, New India and Chairman of the Chandigarh Insurance Institute presented a vote of thanks and gave his input that The Institute of Actuaries of India is conducting regular exercises in this field of Pension Employee Benefits and Social Security. GIC and subsidiaries can take a hint and take necessary steps to put in motion the feasibility of one more option.
Local Seminar at Chandigarh on 2nd September, 2016
on the new course titled Certified Insurance Anti-fraud Professional (CIFAP)
Welcome address was given by Sh. KNS Sodhi, Hony. Secretary of the Chandigarh Insurance Institute.
Then The Chief Guest of the Seminar, Dr. Virander Kumar, Ex GM and Ombudsman felicitated the Institute’s executive body for bagging the Best Institute Award.
After this, Sh. S K Sharma, EX RM New India and Ex Chairman of the Chandigarh Insurance Institute deliberated upon the activities of the local institute.
Then Mr. Y V Chawla, Vice Chairman of the Local institute gave a presentation on the new course on Certified Insurance Anti-fraud Professional (CIFAP) and also various other specialized diploma courses conducted by the III.
Then Mr. P K Jain, Chief Regional Manager if New India gave his address exhorting the new entrants in the company to clear fellowship and other specialized diploma courses to build their career in insurance industry on a strong footing.
After this, Sh. Virander Kumar Ex GM and Ombudsman gave his detailed observations on challenges before the insurance industry. He spoke in detail about his experiences in the industry and his association with insurance education.
Vote of thanks was given by Mr. K B Bindal, Chairman of Chandigarh Insurance Institute.
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