Wednesday, 25 May 2016

TSGLI payments through CINB in respect of Loans and claims GO.409 Dt 14-2-2015

1.Government have constituted a Committee to study the possibilities of simplification of procedures and efficient functioning of the Department to render quick service to the Policy holders.
2. In the reference 2nd read above, the Committee has submitted a report to the Government, wherein it was recommended for Online Payment of Loans & Claims in place of existing procedure of issuing Cheques / Bank Drafts.
3. In the reference 3rd read above, the Government have issued orders for permission to the Director of Insurance to undertake Online Payments of Loans&Claims through NEFT to the Policy Holders in accordance with the procedure laid down by the Banks.
4. In the reference 4thread above, the Director of Insurance has stated that Online payments towards sanction of Loan and settlement of Claim to the Policyholders, at the time of beginning the process was implemented for certain transactions through NEFT as per procedure shown by the State Bank of Hyderabad in District Insurance Office, Hyderabad on trial and check basis which was proved successful and gave good results, After examining the experience and results of this procedure of payments it has been implemented in the remaining District Insurance offices where the P.D. Account under 8011-105-01 is maintained by the Treasury Branches of State Bank of Hyderabad. Consequently the payments are being made Online successfully to the policyholders irrespective of their Accounts with S.B.H or Non S.B.H branches. However this system is taking about three days to credit the amount to the Accounts of policy holders. Hence to avoid such delay and making quick and easier payments to thepolicy holders, the Department had approachedthe Bankauthorities, who suggested to adopt the system of Corporate Internet Banking (CINB)which is quicker and easier for making payments. The District Insurance Office staff need not to approach the banking authorities for each and every time of payment. They can do it from their office only as per procedure laid down by the Banking authorities. Now, the Director of Insurance has requested the Government to accord permission for implementation of the CINB system in the accordance with the procedure laid down by the Banks
After careful examination of the matter, Government hereby accord permission to the Director of Insurance to make the payments of Loans & Claims to the Policy Holders through the CINB system initially in District Insurance Office, Hyderabad in accordance with procedure laid down by the Banks where the Letter of Credit Accounts are being operated by the concerned District Insurance offices and to extend the same to remaining District Insurance Offices after examining the experience and result.
The Director of Insurance, Telangana, Hyderabad is requested to take necessary action.
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