Page 50 - Insurance Times August New 2023

PRESS RELEASE

Kolkata Insurance Institute
Report on the National Seminar on

"Corporate Good Governance for Managing Risk and

Promoting Brand"

held on 13th June, 2023
at the auditorium of College of Insurance, Kolkata.

olkata Insurance Institute organised a National She mentioned the relevance of Indian constitutional figures
K Seminar on 'Corporate Good Governance for like fundamental rights and directive principles, as well as
Managing Risk and Promoting Brand' at the the incorporation of corporate governance concepts from
auditorium of College of Insurance, Kolkata on 13th June ancient Indian texts.
2023.
Ms. Konika Chatterjee, an eminent Professor of University
The Seminar commenced with the ceremonial lighting of the of Calcutta, discussed the ethical dimensions of good
lamp and the anthem of the Insurance Institute of India. corporate governance, its applicability across purpose-driven
activities, and the interlinking of governance. She also
Mr. B.K. Nayak, the Principal of the College of Insurance, emphasized the importance of brand building, value
Kolkata, emphasized that: India aims to become the fifth creation, and the social reality of data proliferation in
largest insurance market within five years, currently being present age. She spoke about growing importance of
the tenth largest. The IRDAI envision "Insurance for All" by Corporate Good Governance in the context of scams and
2047, marking the centenary of India's independence. frauds coming to light in the liberalised economy.

During the event, Mr. Judhajit Sen, former executive of LIC Mr. Atiur Rahman, former Chairman of the Central Bank of
and faculty member at the College of Insurance, along with Bangladesh, focused on participatory development,
Mr. Babu Paul (GM, NIC), spoke about the Insurance sustainable development, and strengthening sub-regional
Institute of India, which commenced its journey in Mumbai economies. He stressed the need for stronger organizations,
in 1955. They stressed the importance of capacity building regulators, and good corporate governance. Mr. Rahman
in the insurance sector, the role of corporate governance, discussed Bangladesh's experience in overcoming the
value creation in economic progression, and the significance global financial crisis of 2008 and highlighted the significance
of the company's board and committees. of trust in the world of finance. He emphasized the relevance
of insurance to common people, particularly in providing
Ms. Y Lama (former DGM, NIC) highlighted the concept of support to farmers affected by natural disasters, and stressed
corporate governance as the system of rules, practices, and the importance of trust, good governance, and sustainability.
processes that govern the functioning of a corporate entity. The seminar concluded following Question / Answer Session

Zurich Insurance eyes $400 million stake in general insurance arm

of India's Kotak
Zurich Insurance Group is in talks to buy up to 51% of India's Kotak General Insurance, two sources with direct knowl-
edge of the matter said, a deal that would mark its first major bet on the fast-growing South Asian insurance mar-
ket. Backed by Asia's richest banker Uday Kotak, the early-stage negotiations value the Indian company at around
$800 million, and Zurich Insurance has expresed interest in both a minority stake of 49% or taking up a majority 51%
stake, the sources said. The stake the Swiss insurer wants to secure will be worth around $400 million, they said.
otak is still evaluating offers, including from other investors, but it prefers retaining "control of the company" after
the stake sale, the first source said.

The Insurance Times August 2023 43