(RTTNews) - Bank of Baroda or BoB said its insurance venture with the UK-based Legal and General group is likely to start business in the next six-to-seven months, reported the PTI. The Chairman and Managing Director of BoB M D Mallaya reportedly said the bank is in the process of filing initial regulatory clearance application and would obtain all other necessary approvals by the first quarter of the next fiscal.
Mallaya said the three-way lift venture was formed in November 2007 with an initial paid-up capital of Rs.200 crore. BoB would hold 44% share in the venture, followed by Andhra Bank with 30% and the remaining stake is to be held by the foreign partner. The two banks have over four crore customers and together have a network of about 4,000 branches across the country.
The UK partner will recruit over 5,000 professionals in India in the next five years. Legal and General Group, having a market value of about GBP 8 billion, employs 8,000 people in the UK.
As of now, there are 21 players in the Indian life insurance sector.
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Monday, January 26, 2009
Coastal insurance crisis first up for Goodwin
Wayne Goodwin, North Carolina's new insurance commissioner, says he's got a lot of work to do, but first up will be addressing the coastal insurance crisis.
Goodwin, a Democrat and chief assistant in the commissioner's office, defeated Republican challenger John Odom.
Goodwin said he feels deadline pressure to address the insurance market on the state's coastal property. The government-created insurance plan -- the Beach Plan -- was intended as a safety net for coastal property owners, but it has become the dominant form of insurance. It has only a fraction of the money it would need to cover damage from a major hurricane.
"I've described it as a ticking time bomb, and it is," Goodwin said.
Goodwin says he wants to have a set of recommendations ready to address the plan in time for the next hurricane season.
GOP winner grateful
Republican Labor Commissioner Cherie Berry said voters had enough confidence in her to give her a third term despite a sweeping Democratic tide.
"I was very grateful that the citizens had confidence in what we were doing in the Labor Department and were gracious enough to allow me to serve a third term," Berry said.
Berry's win over Democratic challenger Mary Fant Donnan was by a slim margin. Berry said that was likely because of the large number of voters who voted straight Democrat.
"The message I tried to put out there is, I have the experience to do this job. Worker safety and health care have always been my top priority," Berry said.
Berry and Agriculture Commissioner Steve Troxler will be the only Republicans on the Council of State.
Berry said she's thankful Troxler is still on because she'll have enough support to have her ideas debated.
A powerful moment
Ray Warren was a young Republican lawyer from Matthews who was swept into a seat in the state House as part of the Reagan landslide of 1984.
Warren eventually became House minority leader and, in 1996, outpolled all North Carolina Republicans in his losing bid for a seat on the state Supreme Court. He announced he was gay in 1998 and left the Republican Party a year later.
Now, in the latest chapter of a long odyssey, he's a tax assessor's attorney in suburban Washington. Here are his observations about the election:
"Election night in Washington was surreal. My partner and I watched the returns at Nellie's, a nominally gay sports bar packed with a racially diverse gay and straight crowd. Each time a state fell into the blue column, the bar -- and bars up and down the U Street corridor -- erupted in cheers.
"There were hundreds in the bar, men and women of all races. When CNN announced that Obama was elected at 11 o'clock, pandemonium broke out. We jumped, shouted and hugged perfect strangers. It was like the end of World War II or some other great unifying event.
"A bit later, when Obama gave his speech in Chicago, I, like many others, was in tears. All the years of Jesse Helms, hate and division had been defeated. Not only the nation, but my home state and native state (Virginia and North Carolina) had been part of the redemption.
"It was an unexpected and powerful emotional moment that overwhelmed me. Seeing my tears, a young black woman silently reached over and took my arm as if to say, 'It will be OK.' I was struck by the immense irony of that act of simple kindness. On the most important night of the nation's history to African-Americans, a young black woman was comforting me, an old white Southern man, overcome with the emotion of the moment.
"As we left to catch a cab back to Virginia, the street was alive with impromptu celebrations. Horns honked, people danced in the street and there were shouts of joy. A friend texted me to say that he and hundreds were gathered in front of the White House shouting, 'Yes we can.' And for once, it was true. We can."
Dole not done yet
Elizabeth Dole is about to leave the U.S. Senate, but she says she's not done with public service.
Dole, the Salisbury Republican who lost her re-election bid Tuesday, told The Associated Press last week that she has not focused on her future yet. Dole said she has spent the week with family and friends, and working on new job leads for members of her staff.
But Dole, who once ran the American Red Cross, said she has no plans to retire from public service.
(Jim Morrill of The Charlotte Observer)
Goodwin, a Democrat and chief assistant in the commissioner's office, defeated Republican challenger John Odom.
Goodwin said he feels deadline pressure to address the insurance market on the state's coastal property. The government-created insurance plan -- the Beach Plan -- was intended as a safety net for coastal property owners, but it has become the dominant form of insurance. It has only a fraction of the money it would need to cover damage from a major hurricane.
"I've described it as a ticking time bomb, and it is," Goodwin said.
Goodwin says he wants to have a set of recommendations ready to address the plan in time for the next hurricane season.
GOP winner grateful
Republican Labor Commissioner Cherie Berry said voters had enough confidence in her to give her a third term despite a sweeping Democratic tide.
"I was very grateful that the citizens had confidence in what we were doing in the Labor Department and were gracious enough to allow me to serve a third term," Berry said.
Berry's win over Democratic challenger Mary Fant Donnan was by a slim margin. Berry said that was likely because of the large number of voters who voted straight Democrat.
"The message I tried to put out there is, I have the experience to do this job. Worker safety and health care have always been my top priority," Berry said.
Berry and Agriculture Commissioner Steve Troxler will be the only Republicans on the Council of State.
Berry said she's thankful Troxler is still on because she'll have enough support to have her ideas debated.
A powerful moment
Ray Warren was a young Republican lawyer from Matthews who was swept into a seat in the state House as part of the Reagan landslide of 1984.
Warren eventually became House minority leader and, in 1996, outpolled all North Carolina Republicans in his losing bid for a seat on the state Supreme Court. He announced he was gay in 1998 and left the Republican Party a year later.
Now, in the latest chapter of a long odyssey, he's a tax assessor's attorney in suburban Washington. Here are his observations about the election:
"Election night in Washington was surreal. My partner and I watched the returns at Nellie's, a nominally gay sports bar packed with a racially diverse gay and straight crowd. Each time a state fell into the blue column, the bar -- and bars up and down the U Street corridor -- erupted in cheers.
"There were hundreds in the bar, men and women of all races. When CNN announced that Obama was elected at 11 o'clock, pandemonium broke out. We jumped, shouted and hugged perfect strangers. It was like the end of World War II or some other great unifying event.
"A bit later, when Obama gave his speech in Chicago, I, like many others, was in tears. All the years of Jesse Helms, hate and division had been defeated. Not only the nation, but my home state and native state (Virginia and North Carolina) had been part of the redemption.
"It was an unexpected and powerful emotional moment that overwhelmed me. Seeing my tears, a young black woman silently reached over and took my arm as if to say, 'It will be OK.' I was struck by the immense irony of that act of simple kindness. On the most important night of the nation's history to African-Americans, a young black woman was comforting me, an old white Southern man, overcome with the emotion of the moment.
"As we left to catch a cab back to Virginia, the street was alive with impromptu celebrations. Horns honked, people danced in the street and there were shouts of joy. A friend texted me to say that he and hundreds were gathered in front of the White House shouting, 'Yes we can.' And for once, it was true. We can."
Dole not done yet
Elizabeth Dole is about to leave the U.S. Senate, but she says she's not done with public service.
Dole, the Salisbury Republican who lost her re-election bid Tuesday, told The Associated Press last week that she has not focused on her future yet. Dole said she has spent the week with family and friends, and working on new job leads for members of her staff.
But Dole, who once ran the American Red Cross, said she has no plans to retire from public service.
(Jim Morrill of The Charlotte Observer)
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