Page 5 - Insurance Times July 2022

GIC to turn GIFT City office vices, allow composite insurance and This was decided at a meeting con-
reinsurance licences. This means GIC vened by the secretary, department of
into a subsidiary to handle
Re's subsidiary can directly provide in- financial services (DFS) with chief ex-
foreign operations surance companies to global airlines or ecutives of public sector banks (PSBs),
General Insurance Corporation (GIC energy companies. GIC Re also has a state run insurance companies and fi-
subsidiary in Russia which caters to the nancial institutions. In the meeting, the
Re) plans to upscale its branch in the
former Soviet Union markets, which is joint secretary, department of military
International Finance Centre at GIFT
City, Ahmedabad into a subsidiary. The currently going slow on business be- affairs made a presentation on the
corporation had recently decided to cause of the war and sanctions. various aspects of the Agnipath
shut its Dubai office and carry out its Srivastava said that the corporation's scheme, aimed at creating jobs for the
Middle East and Africa operations from youth.
share of international business had
the Gujarat International Finance Tec- dropped following its decision to under- It was also decided that banks would
City (GIFT City).
write crop insurance in India. Now the explore possibilities of supporting
"We are planning to turn our branch corporation was looking to increase 'Agniveers' through suitable credit fa-
into a subsidiary, which will undertake share of international business. cilities for skill upgradation, education
all the international business of the for setting up businesses and to take
On its plans for growth, Srivastava said
corporation. Besides tax benefits the up self-employment. The existing gov-
that GIC Re was looking to improve
advantage of having a subsidiary in ernment schemes such as MUDRA,
margins by correcting the pricing of
GIFT City is that it will be able to un- Stand Up India among others would be
some covers where rates had fallen too
dertake direct insurance business as leveraged for extending such support
low. "We are also looking at reinsur-
well," said GIC Re CMD Devesh to 'Agniveers'.
ance support for specialised retail in-
Srivastava. He added that most of the
surance products like small ticket cyber The Union Cabinet on June 14 had ap-
policies that have been issued in the
reinsurance for which there is growing proved a recruitment scheme for youth
Dubai branch are getting renewed at
demand." for jobs in the armed forces called
GIFT City.
Agnipath and those selected will be
The corporation reported a net profit known as 'Agniveers'. The scheme has
PSU banks, insurance cos
of Rs 1,795 crore for the quarter ended been designed to enable a youthful
to help Agniveers
March 2022, an increase of 42% over profile of the armed forces, according
Rs 1,260 crore in the year-ago period. Public sector banks, insurance compa- to an official statement.
As an Indian reinsurer, GIC Re can pro- nies and financial institutions will ex-
vide support to corporates only indi- plore employment opportunities for
Rs. 1 lakh insurance cover
rectly by supporting insurance compa- 'Agniveers' in suitable capacities based
on their educational qualifications and for Char Dham pilgrims
nies. Norms for the international fi-
nance centres, which are special eco- skills through suitable benefits and re- The Badrinath-Kedarnath Temple
nomic zones for export of financial ser- laxations. Committee (BKTC) announced an in-
The Insurance Times, July 2022 5