Page 10 - Insurance Times November 2022

"Mango, onion, grapes and all kharif risk that the global insurance industry exclude potential Russian danger, how-
and rabi crops have been damaged will throw at Russia from this winter. ever has nonetheless not been in a
due to unpredictability of rains in the No consignment of oil and gas con- position to situation a coverage to the
last couple of years. It has been rain- tracted at prices above the cap from Nuclear Power Corp of India Ltd
ing intermittently almost all the year," Russian ports will get a cover from the (NPCIL), regardless of having collected
says farmer Ashok Jadhav from Sangli. global insurance industry. the primary premium in July.

A Bench comprising Chief Justice Uday A top official said the pool had insured
Despite excluding the Russian scope
Umesh Lalit and Justice S RavindraBhat over 25 voyages since it was formed in of work, reinsurers are not comfort-
ordered the release of Rs. 200 crore June under national reinsurer GIC Re.
able with taking on the risk due to ex-
deposited by the insurance firm with It was named as a fertiliser pool with
plicit Moscow links to finance, external
the apex court's registry along with a corpus of Rs. 500 crore, but covers contractual assignments and fuel link-
the interest accrued on it to the gov-
the risks of oil and gas imports from
age.
ernment treasury in Osmanabad. The
Russia, too. At present, India imports
top court ordered the completion of
5-7 oil and gas consignments from Rus-
the process of payment of insurance Attention Subscribers
sia each month.
compensation in three weeks, strictly
Please renew your Subscription of The
under the law, and under the supervi-
Insurance Times Journal to receive
sion of the District Collector. Kudankulam cover on
copy of the journal uninterruptedly.
hold without reinsurer You can now pay by GPAY, Phonepe,
Rs. 500-cr insurance pool
A 43,200-crore insurance cover for the Paytm, Amazon, ICICI Pay, BHIM UPI
helps counter G7 cap on Russian-made Kudankulam nuclear
Russian oil power plant is in limbo as New India
Assurance, the lowest bidder for the
India has been able to push back
power producer's units 3 and 4, has not
against the G7 decision of a cap on
found a reinsurer. Global majors aren't
Russian oil lately because of the suc-
keen to underwrite the Russian com-
cess of the Rs 500 crore insurance pool
to underwrite imports to India, a gov- ponent of the project due to the West's
sanctions against Moscow.
ernment official told.
It has taken away the concerns in New To sidestep this downside, New India
Delhi about the fallout of the imminent modified the coverage paperwork to

Adhering to safety norms more important than car
security features: Experts
Former Tata Sons chairman Cyrus Mistry's death in a car accident has brought
fresh focus to enhanced security in cars. Experts believe that following road
safety measures and rules is more critical as better highways and better cars
have ensured greater speed.
The moot question, according to experts, is whether having better safety
features alone can ensure accident-free roads. Also, is there need for better
road safety rules compliance and accountability.
You can also make payment for
"Blame it on governance and accountability. All cars have seat belts for all purchase of Books/Exam Guides
the seats and there is a rule to follow for people sitting at the rear seat. from www.sashipublications.com
But, does anyone follow that?" Rohit Baluja, President, Institute of Road
through above QR Code
Traffic Education and Director College of Traffic Management told.
For any query please call
He said faster cars, better roads require stricter compliance with rules. For
9073791022/9883398055
instance, he said, on faster routes too, there are hardly any penalties for
www.sashipublications.com
heavy vehicles plying on the right or the fast lane.
The Insurance Times November 2022 9