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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