revribhav
There are 4 companies whose "regualator" is GIPSA,the acronym stands for General Insurers Public Sector Association. GIPSA has no formal constitution,rules or regulation(s) as per the RTI revelations.
Yet, GIPSA enjoys about 16 million rupees from its members per annum.
The amount is understood to be spent upon unofficial advises,meetings of high ranking GM/AGMs held in luxury hotels of various cities
Is it legal in India to deposit public money into account of an unregistered association cum co ordinating body?

From India , Ajmer
revribhav
I have asked the query to DOPT,who forwarded it under the Right to Information Act to Deptt of Expenditure,Ministry of Finance. They have informed that they have no information in the matter.
From India , Ajmer

Attached Files (Download Requires Membership)
File Type: pdf 13.06 .11 RTI reveals no rule public money(1).pdf (630.5 KB, 83 views)

revribhav
Senior most bureaucrate of the General Insurance Public Sector has been in trouble with CBI for a credit insurance scam.
Central Bureau of Investigation (CBI) conducted raids on the premises of Oriental Insurance Company.
Dharani Mishra, CBI spokesperson said that Oriental Insurance gave credit-based insurance policies to Paramount Airways, without following any procedures.
The CBI suspects that M Ramadoss, former Chairman and Managing Director of Oriental Insurance Company, present Chairman of the The New India Assurance Co Ltd, entered into a conspiracy to favour Paramount Airways which is a low-cost airliner.
M Ramadoss, former Chairman and Manging Director of Oriental Insurance has also been the chairman of the governing body of General Insurers' (Public sector) Association of India (GIPSA). Mr Ramadoss took over as the chairman with effect from 1 Jan 2007.

From India , Ajmer
revribhav
One A.K. Singhal,DY General Manager ,employee of Oriental Insurance Co. Ltd,accused (inter alia) of issuing cheque of public money of about four million rupees ,in the capacity of (deputed as Chief Executive) CE ,GIPSA, (hitherto un-registered association,that is defying rule of law since last one decade by receiving and paying public money worth millions) that was deposited into personal account of wife of (presently ex) -NIA chief has (National Insurance Academy,Pune ) has recently been promoted from the post of Deputy General Manager,OICL to that of GM, NICL (national insurance company limited).
About 7 years ago when Singhal joined GIPSA, he had experience of being vigilance officer in the Oriental Insurance Co. Ltd and he was expected to do his duties honestly like a public servant.

From India , Ajmer

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.

Add Reply → Start New →






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 Cite.Co™

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server