Question Bank with Text Guide for Non Life Insurance PSU Officer’s Examination

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Online Mock Test for PSU Non-Life Insurance Exam

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IBPS Bank PO / Clerk Exam 2013-14 - Online Mock Test

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Banking

Banks approving loans on condition borrowers don't buy gold

With a view to curb appetite for gold, banks are sanctioning advances, including personal loans, only if borrowers agree not to use the proceeds to buy the metal beyond permitted levels.

Banks have placed the condition that borrowers should not use even personal loans to buy gold, a senior official of a private sector bank said.

The measures follow directions from the Reserve Bank of India to banks and NBFCs that are aimed at reining in demand for the yellow metal. The RBI and the government have taken steps to curb demand for gold after imports of the metal widened the current account deficit.

As per existing guidelines, no advances can be granted by banks for the purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange traded funds and units of gold mutual funds.

For advances against the security of specially minted gold coins sold by banks, the RBI has directed that the weight of the coins should not exceed 50 grams per customer, according to a senior public bank official.

In June, the RBI restricted the import of gold on consignment basis by banks only to meet the needs of exporters of gold jewellery. Last month, the central bank prohibited the import of gold coins and medallions without licence.

It further stipulated that nominated banks, agencies and other entities should make gold available for domestic use only to entities engaged in the jewellery business, bullion dealers and banks authorised to administer the gold deposit scheme against whole upfront payment.

Steps taken by the government to curb inbound shipments include raising import duty on the metal to 10 per cent.

After a dip in June, gold imports surged in July to 47 tonnes compared with 31 tonnes in the previous month. Import of gold in April-July rose 87 per cent to 383 tonnes.

http://indiatoday.intoday.in/

Banking

Reactive Bank of India

There are three problems in the way the Reserve Bank of India (RBI) has dealt with the ongoing currency crisis. First, the bank has shown a lack of appreciation of the new macroeconomic context. Second, it has used old “control” measures rather than new options and instruments to restore short-term balance. Third, it has taken it upon itself to solve the problem and has not leveraged India’s integration with its regional trade partners.

Even as RBI traces the origins of the crisis to global factors, it has never tried to use the global or regional network of relationships to solve the problem. Put simply, RBI has been reactive, unimaginative and insular.

The result is that the central bank continues to stick to antiquated, short-term, measures aimed at micromanaging markets that are proving to be ineffective. Even the dollar window that it opened for oil companies to provide temporary relief to markets hasn’t been executed properly.

As designed by RBI, the window will provide for sell-buy dollar swaps. This means public sector oil companies will get dollars value dated today and will have to repay the same to RBI after a fixed tenure.

As such, operationally, there is no outright sale of dollars by RBI to oil PSUs. This has been presumably done keeping International Monetary Fund (IMF) guidelines in mind, which require foreign reserves not to be reduced in case of such swap arrangements.

Be that as it may, RBI has not specified the swap tenure. There is no clarity on whether oil PSUs will have to repay the dollars to RBI when the swaps expire or whether they will get rolled over again. In the latter case, the outstanding amount of dollars owed by oil PSUs to RBI will just keep on increasing, which makes a rollover unlikely.

Essentially then, the window will only lead to postponement of around $250-300 million of daily spot dollar demand from the foreign exchange market. In this facility, the spot foreign exchange risk for oil PSUs does not get mitigated, since ultimately they will have to buy dollars from the market. What exactly is such a measure achieving in the end?

The style and substance of support has to change in line with the situations. RBI and the government need to move beyond operational market management and focus on leveraging India’s trade relationships. It is time to look at using the existing trade agreements as a source of propping up the depreciating rupee.

India’s Free Trade Agreements (FTAs) can be used to hedge against the risk of its falling currency. A recent example of this is the convertibility of Australian dollars into Chinese yuan or the renminbi.To take a cue from this example, one of the main FTAs to leverage and benefit from is India’s FTA with the Association of Southeast Asian Nations (Asean). This FTA, considered the world’s largest, aims at opening a market of 1.8 billion consumers to the member countries with a combined output of $2.3 trillion.

Latest trade data shows that Asia accounts for 49% of the trade with India, amounting to about $35 billion. Out of which, Asean accounts for $33 billion or almost 93% of the total trade with Asia. This gives India a window of opportunity to cover almost 50% of the trade through currency convertibility.

At another level, RBI’s currency swaps with South Asian Association for Regional Cooperation (Saarc) countries can be put to good use. In June 2012, RBI set up a $2 billion swap facility for Saarc countries in a bid to bolster regional cooperation in the economic and financial spheres. The swap is offered in dollar, euro or Indian rupee against the domestic currency or domestic currency-denominated government securities of the requesting country.

In this swap arrangement, RBI has taken it upon itself the burden to finance trade among its neighbours without actually having the benefit of calling the shots of a currency swap. As such, RBI must look into redefining the norms of the currency swap along the lines of the Chiang Mai Initiative, which is a multilateral currency swap arrangement among the 10 members of Asean, China (including Hong Kong), Japan, and South Korea.

RBI can make the currency swap with Saarc a tool for exchange rate management making the swap advantageous for transactions only in rupees. For example, by reducing the rate of interest as compared to transacting in the dollar or the euro.With rupee consistently hitting record lows, this may be one of the best time to leverage this opportunity already set out by RBI to consolidate trade with its Saarc members and protect the rupee.

Haseeb A. Drabu is an economist, and writes on monetary and macroeconomic matters from the perspective of policy and practice.

To read Haseeb A. Drabu’s earlier columns, go to www.livemint.com/methodandmanner-

http://www.livemint.com/

Insurance

Real estate, insurance and tourism sectors gain sharply

Saudi stocks rebounded yesterday. The benchmark Tadawul All-Share Index (TASI) rose sharply by 1.44 percent or 112 points for the entire session to close at 7,878.74. TASI’s year-to-date gains again reached near 16 percent.

Micro cap remained prominent, posting a growth over three percent. Sectoral performance was tremendous, as all sectors closed in green and accumulated an aggregate of nearly 1,918.7 points.

The tourism, real estate and Insurance sectors were major gainers, which marginally advanced by 3.61 percent, 3.57 percent and 3.53 percent respectively.

Most of heavyweights extended gains, with Saudi Electricity Co. increasing by 1.15 percent and bellwether SABIC (Saudi Basic Industries Corp.) 1.04 percent. For the day, only SABB went downward slightly, reducing by 0.76 percent to SR39.2.

Most active stocks also witnessed a positive change, with Aljazira Takaful Taawuni Company surging by 9.6 percent, Dar Alarkan Real Estate 4.3 percent and Emaar the Economic City 3.4 percent.

There were 148 net advancing issues, a largely strong market breadth. Insurance companies were the significant winners amongst Saudi stocks, with Wafa Insurance soaring up 9.92 percent and Buruj Insurance 9.85 percent.

Tadawul total volume set sold approximately 232 million shares, an increase of 1.7 percent as compared to previous level. The 50-day average for trading volume is closer to 211 million shares. Alinma Bank dominated the trading activity at Tadawul. It liquidated more than 33 million shares, capturing 14.3 percent of the overall market volume.

The value of these shares reached to SR469 million, a relative market share of 8.6 percent.

http://www.arabnews.com/news/463215

Insurance

Irda nod to banks will boost insurance biz, aid consumers

India’s insurance sector, which has been stagnating, is likely to get a boost from the Insurance Regulatory and Development Authority’s (Irda) nod allowing banks to sell policies of more than one life insurance company.

The decision is also expected to benefit customers, who would get recommendations on appropriate products to suit individual needs, from among the variety offered by multiple insurers.

“The bank as a broker model, will ultimately benefit the customers as banks are expected to recommend the right product to the customer from the group of insurance products,” said Monish Shah, senior director, Deloitte India.

Early this month, the insurance regulator had allowed banks to act as brokers and to sell products of more than one insurer so as to increase the penetration of the sector across the country.

Bank branches play crucial role in selling policies. The contribution of bancassurance channel (banks selling insurance products) in new insurance business (the first premium) was around 11% in 2011-12.

The insurance sector is struggling with slow growth due to falling economic growth and regulatory changes. Total premium collection by life insurance companies has remained almost stagnant in the past two years, with Rs. 2.8 lakh crore collected in 2012-13, and Rs. 2.87 crore in 2011-12. In 2010-11, the total premium collected was Rs. 2.91 lakh crore.

“There are some banks which have strong presence in certain states. Insurance companies would like to join hands with them to increase their presence in those states,” said Tarun Chugh, chief- distribution, operations and marketing, ICICI Prudential Life Insurance.

http://www.hindustantimes.com/

Insurance

Livestock insurance set for comeback in Dakshina Kannada

MANGALORE: Here is good news for farmers in Dakshina Kannada. The state government is reintroducing the livestock insurance scheme in the district after a break of one year.

Farmers in the region will get benefit of the total reimbursement of the price of milking cows and buffalos in the event of their death due to diseases, flood and others.

Farmers need to pay only 50% of the premium and the rest will be borne by the state government. The scheme was introduced for the first time in 2011-12 and 5,850 farmers had registered their cattle.

The scheme did not continue the next year due to various technical reasons. The government will reintroduce the scheme in 17 districts including the coastal district.

Deputy director of the department of veterinary science and animal husbandry, K V Halagappa, told TOI that the scheme has been introduced in association with United India Insurance company to help farmers.

"The livestock insurance scheme is offered only to cows and buffalos, which give at least 1,500 litres of milk in a milking phase. While 50% of the insurance premium will be borne by the central government, farmers will have to pay the rest of the amount and service tax. The total premium for three-year insurance scheme is Rs 2,795 and farmers need to pay Rs 1,551," he said.

A three-member committee will fix the market value of the cattle and the amount will be transferred to the account of the farmers in the event of their death, Halagappa said adding that farmers can avail the help of the department officials to get the insurance amount.

http://timesofindia.indiatimes.com/