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Saturday, May 3, 2008

Insurance in Saudi Arabia, India, Worldwide - Motor, Medical, Marine and General classes

Insurance Education and Professional development of Insurance Industry in Kingdom of Saudi Arabia, India and the World over.

Education is one of the important aspect of our time. Hence in the insurance world also we need to have educated and professional people to better understand the various aspects of Insurance. Unfortunately it is found that even today insurance industry lack qualified and trained professionals not only in Saudi Arabia, India and the World over. There are many vacancies in the insurance industry the world over. There is very little attraction to the word of mouth search for the talent. Even massive advertisements have not yeilded much results.There are verious professional institutions offering various courses on Insurance and Banking. However they mainly focus on the working personnel.Freshers can go in for vocational insurance courses and later on they can join the professional institutes to get a better understanding of their working.Education in Saudi Arabia is flourishing with new Universities and private institutions coming up. However insurance education is best in the countries where we find the availability of professional institutes. The regulation of Insurance in Saudi Arabia will definetly pave the way for building of insurance education in Saudi Arabia. There is a strong possibility that SAMA may come up with guidelines for insurance education. Either they may have their own set-up or may align with some international insurance institutes. Another best way of developing insurance education is by way of introducing it as a subject at the vocational level. Many vocational institutes may add insurance to their curriculum to fill the gap. Insurance education in India was single pronged until it was introduced as a vocational course and a course at degree level. This has created a talented pool of professionals in Indian Market. They are placed world over and it is easier for them to take up any professional examinations.

Creative Associates - Insurance Enlightenment Database
Various types of InsurancesI. Motor InsuranceII. Medical InsuranceIII. Plant & Equipment InsuranceIV. Marine InsuranceV. Workmen Compensation InsuranceVI. Machinery InsuranceVII. Business Interrruption InsuranceVIII. Property InsuranceIX. Fire InsuranceX. Theft InsuranceXI. Domestic Maid InsuranceXII. Third Party InsuranceXIII. Personal Possession InsuranceXIV. Aviation InsuranceXV. Marine Hull InsuranceXVI. Directors and Officers InsuranceXVII. Employee Dishonesty InsuranceXVIII. Money InsuranceXIX. Pet InsuranceXX. Personal Accident InsuranceXXI. Life InsuranceInsurance Industry - Manpower Recruitment Saudi Arabia

Wanted staff for a local broker in Saudi Arabia, persons having experience in processing claims (Medical and Motor) and Underwriting may apply- edumanconsult@yahoo.comWanted underwriting and claims personnel at Assistant and senior assistant level, person having at-least 3 years in an insurance Company need only apply. Multinational work atmosphere, annual vacation, medical insurance. Only suitable candidates will be considered contact : http://www.blogger.com/edumanconsult@yahoo.com
Posted by Shujaath Ahmed Khan at 12:23 AM 0 comments
Saturday, April 26, 2008
Insurance Industry Expertise – Jobs Wanted
Underwriting professional, 18 years of experience in a multinational insurance Company in Saudi Arabia dealing with different types of insurances including Medicare, Group-Life, Motor and Marine, professionally qualified. Looking for a senior level challenging job preferably Saudi Arabia and GCC countries, Contact :edumanconsult@yahoo.com
Claims professional available with almost 2 decades of experience working for a reputed broker in Saudi Arabia. Have an exposure in dealing with almost all classes of Claims but the expertise is in Medicare. Thoroughly proficient with the insurers operating in the Kingdom of Saudi Arabia, their policy wordings and their practices. Looking for a suitable job position preferably Medical claims in the Kingdom of Saudi Arabia, Bahrain and GCC countries. Contact – edumanconsult@yahoo.comMarketing Professional, highly qualified including ACII and over 22 years of experience in Insurance Industry. Working in Saudi Arabia for over 14 years in a multinational insurance Company. Looking for a suitable job position (Management role) in an insurance Company within Saudi Arabia and GCC countries.Contact – edumanconsult@yahoo.comWell qualified Engineer, working as a Senior Divisional Manager for a Public Sector Insurance Company at a Management level with professional Indian Insurance Qualification. Looking for job in Middle East Contact – edumanconsult@yahoo.comM.B.A. (Marketing Management), with exposure to Insurance Industry. Worked for Life Insurance in private and public sector. Interested in taking up a job in an Insurance Company preferably administrative/marketing role in Saudi Arabia. Contact – edumanconsult@yahoo.com
Posted by Shujaath Ahmed Khan at 2:49 AM 0 comments
Monday, March 17, 2008

Monday, March 3, 2008


Sunday, February 17, 2008
Creative Associates list of Insurance Providers in Saudi Arabia
Insurance Companies in Saudi ArabiaNational Company for Cooperative Insurance (NCCI)The Mediterranean & Gulf Cooperative Insurance & Reinsurance (MedGulf)Malath Cooperative Insurance & reinsurance companySaudi Arabian Cooperative Insurance company (SAICO)Al Ahli TakafulSABB TakafulArabian Shield Cooperative InsuranceSaudi IAIC for Cooperative Insurance (SALAMA)Gulf Union Cooperative Insurance CompanyAl-Ahlia Cooperative InsuranceAssurance Saudi FransiSaudi United Cooperative Insurance (Wala'a)Allied Cooperative Insurance Group (ACIG)United Cooperative Assurance (UCA)Trade Union Cooperative Insurance CompanySaudi Indian Company for Cooperative InsuranceSanad for Cooperative Insurance and ReinsuranceAl Sagr Company for Cooperative InsuranceArabia Insurance Cooperative CompanyBUPA Arabia for Cooperative InsuranceSaudi Re For Cooperative Reinsurance companyAXA Cooperative InsuranceCompanyWiqaya Takaful Insurance companyAl Alamiya Insurance companyArabia Ace Insurance CompanyAl Rajhi Company for Cooperative InsuranceArabian Malaysian Takaful CompanyGulf General Insurance CompanyBuruj Cooperative Insurance CompanyTokio Marine Saudi ArabiaBrokers - National and Multinational Brokers for Insurance in Saudi ArabiaWajeef Insurance Brokerage ServicesAlThanyan Company for Insurance BrokerageSaudi Brokers Insurance & Reinsurance BrokerageAON Saudi Arabia Insurance BrokerageInsurance House for Insurance & Reinsurance BrokerageWillis Saudi Arabia for Insurance BrokerageAlAman Insurance & Reinsurance BrokingDAMAN Insurance & Reinsurance Brokerage CompanyMarsh Saudi Arabia for Insurance BrokerageThe Insurance Brokerage HouseAlmustaqelah Company for Insurance BrokerageAlTayyar Insurance BrokerSaudi Insurance Broker CompanyNational Insurance Brokers CompanySAAB Insurance BrokerageACE Insurance BrokerArabia Commercial Services Company for Insurance BrokerageUnited International for Insurance & Reinsurance BrokerageSaudi Belgian Reinsurance Broking Company (SABEL Re)First Insurance & Reinsurance Brokers CompanySaudi General Insurance BrokerageMayar for Insurance BrokerageAlMustashar for Insurance Brokerage ServicesSolutions Insurance Brokerage CompanyGreen Shield National for Insurance & Reinsurance BrokerageArabian Company for Insurance & Reinsurance BrokersAlHamidi Insurance Company AgencyAl-marouz Insurance AgencyTamenat for Insurance & Reinsurance Brokerage CompanyAddison Bradley Arabia Insurance & Reinsurance BrokerageHazard Protection forInsurance BrokerageSaudi Link Insurance Brokerage CompanyNasco karoglan Saudi Arabia "NKSA" Insurance and Reinsurance BrokerAlMamoon Insurance BrokersAgents - for Insurance in Saudi ArabiaAlHamidi Insurance Company AgencyAl-marouz Insurance AgencyArabian Company for Insurance AgencyACE Insurance AgentsThe Ocean Modern Insurance AgencySAAB Insurance AgencyCrystals Company for Co-operative Insurance AgencySaudi Fransi Insurance AgencySurveyorsNajm for Insurance ServicesNoble Inspection and Loss Adjustment Company (NILACO)McLarens Young Saudi Arabia Ltd.Crystal Inspectionn ServicesConsultantsKhalid AlDossary & Co. Insurance ConsultantDar Mousa & Van Rensberg Actuaries & ConsultantsManar Sigma Financial ConsultantsCooperative Insurance ConsultancyACE Insurance Consultant LTDMarsh Insurance Consultant Saudi ArabiaDar Mousa Insurance Consulting ServicesTP - Providers - Third Party Providers for Medical Insurance in Saudi ArabiaSaudi MEDXMedNet Saudi ArabiaNajm for Insurance ServicesGlobeMed SaudiCare Access Medical Company
Posted by Shujaath Ahmed Khan at 4:09 AM
Monday, February 4, 2008


Medical Insurance in Saudi Arabia


ENORMOUS growth of the insurance business over the past three centuries has led to its various classifications today, depending upon the type and nature of the risk involved. The major traditional classifications are medical, motor, property and marine. It is found that medical and motor together form almost half the total insurance business portfolio. These classes are also known as attrition class of business as losses do occur with regular frequency. Medical insurance is more prone to attrition than any other class of insurance.In Saudi Arabia, insurance has been sold for almost half a century now. In the recent past, medical insurance was being written by medical insurance companies, general insurance companies and life insurance companies. There are international brokers, local brokers and agents also selling medical insurance. Other types of providers have emerged to manage the bulging medical portfolios: Third Party Administrators (TPA) and consultants. In Saudi Arabia we have independent TPA and in-house TPA. We also have independent consultants, and sometimes brokers take the role of a consultant. But the majority of medical insurance is being done directly by insurers.The state-owned National Company for Cooperative Insurance (NCCI) was enjoying a monopoly as the only registered insurance company in Saudi Arabia. But Malath Cooperative Insurance and Reinsurance has broken the monopoly by becoming the first among non-NCCI companies to be registered.However, this is a new company with very little experience in the insurance industry. There are many seasoned companies along with the new entrants awaiting clearance for registration.The decision of the government to regularize insurance companies under the Saudi Arabian Monetary Agency (SAMA), was a major step towards regulation and development of the sector. The regulation was a comprehensive one requiring all the market players to get the necessary licence to operate with the minimum fees and deposits. Prior to the current regulation, there were more than 80 insurance companies operating in the Kingdom.However, post licensing, these companies will be reduced to less than half. The remaining either have closed their operations, will be closing, or merged with other companies.Motor insurance was made mandatory on Nov. 20, 2002, fuelling the growth of motor insurance.The Council of Cooperative Health Insurance (CCHI) was formed on Aug. 11, 1999 to regulate the mandatory medical insurance.The first phase of health insurance, which was applicable to companies employing more than 500 expatriate employees was made mandatory last year and the second phase, applicable to those having more than 100 expatriate employees, during the early part of April this year.This has increased insurance awareness among the entire community. Even though compulsory medical insurance is for expatriates only, most companies are including their Saudi staff for coverage.The overall Saudi insurance market is currently estimated at SR5 billion. The potential for health insurance alone is more than SR20 billion, which is expected to be achieved within the next few years.In the past, many hospitals and clinics have suffered due to defaulting insurance providers. Very recently, we saw the closure of SACIR (Saudi Allied Company for Cooperative Insurance and Reinsurance) and Methaq, who were heavily into medical insurance.Hospitals lost millions of riyals due to unpaid bills by these operators. The current regulation will protect the interest of all parties involved in insurance.Many hospitals are not happy with evaluation of claims by insurance-company doctors. Their refusal of claims has become the bone of contention between hospital doctors and insurance doctors. Insurance doctors need to trust the prima facie evidence of the treating doctor.The treating doctors sometimes end up being dictated to by the insurance doctors and end up losing their professional independence.There are many companies specializing in Medical Health Insurance in Saudi Arabia. For groups, it is easy to get insurance. Some staff, who are on deputation basis, will have their own international insurance from the companies in their own country.However, if an individual wants to buy medical insurance, then he will have limited choices. The cost of health insurance hovers between SR800 to SR4,500. The main factors built into rating are sum insured, room type, network of hospitals, dental, pre-existing, repatriation of mortal remains, optical, maternity, international coverage, age of the insured, deductible, claims experience and group size etc.Current basic CCHI coverage is standardized to make the insurance uniform and it has certain inherent advantages like compulsory coverage to a limit of SR250,000, dental coverage, vaccinations as per the Ministry of Health, optical and maternity. The number of exclusions are few and well defined. The basic room requirement is semi-private room.The difficult area is the deductible part, which is 20 percent of the claims amount subject to a maximum of SR100. In this area, customers have ended up paying up to SR300 due to lack of understanding on the part of various parties involved.However, as the scheme progresses further, the awareness will increase and there will be fewer mistakes. Insurance companies have already found a way to beat this deductible issue by issuing policies with fixed deductible.The basic intention of the CCHI coverage is to take care of treatment in Saudi Arabia, hence some of the areas on which a general expatriate patient relies are not covered under the current wording of CCHI - there is non-network Saudi Arabia and worldwide exclusion unless the treatment is emergency in nature.Medical insurance is still in evolutionary process and it may take some more time till it stabilizes.Customer should realize that everything is not insurable and there are always some gaps in the insurance. Too often it has been found that the customer either does not get the expected service, the receptionist is slow, the doctor is late or does not prescribe the medicine suggested by the patient and the blame goes to the insurance company.In certain cases, customers face genuine problems. Certain companies try to seek approval for even a small test, which will consume the time of the patient, and even after wasting the time, the net result will be denial of that particular test.Some insurance companies do not allow certain brands of drugs, hence they suggest to the treating doctor to provide with generic names of the drugs. These generic names of the drugs will give the pharmacist leeway to give the drug of his choice or the synonymous drug of cheaper variety, thereby causing dissatisfaction to the customer.Apart from the factors mentioned above, the buyer should look into the strength of the company, its affiliation, flexibility and its payment record with hospitals. Buyer should also be aware of any fine prints, inner limits, geographical scope, non-network coverage, limitation of claim submission, general exclusions and practical difficulties before making any decision to go ahead with a particular policy.A 24-hour helpline is certainly a useful aspect of service by the medical insurer and should not be overlooked. As with all the buying processes, the universal truth "Caveat Emptor" should not be ignored.Courtesy - Mohammed Sadullah Khan, an MBA, is a Fellow of Insurance Institute of India and an Associate of Chartered Insurance Institute of the United Kingdom. He has more than 20 years of experience in the insurance industry - 12 of them in Saudi Arabia. He is experienced in all classes of general insurance with special emphasis on property, medical, motor and bank assurance. He can be contacted at mosakhan40@yahoo.comDid his graduation from Kakatiya University, Andhra Pradesh, India and MBA from Berhampur University, Berhampur, Orissa, India.
Posted by Shujaath Ahmed Khan at 7:44 AM 0 comments

Eroding Income of Expat Indians in Saudi Arabia by Shujaath Ahmed Khan
By Shujaath Ahmed Khan.
"I am more than satisfied with my decision to come back to India ", said Mr. Rashed. He had done his Engineering degree in IT in the hope of getting a decent job in Gulf countries. Inspite of IT boom in India he had opted to come to Saudi Arabia in 2005. Not happy with the environment and realizing the stunted growth opportunities in this market, he immediately returned back, disappointing his family members. His salary in Saudi Arabia was SR. 6,000 p.m. and when he got back to India he got little less than this i.e., Rs. 65,000. After two years his salary has reached more than Rs.100,000/- per month. Where as the incomes of his colleagues in Saudi Arabia has hardly increased by 12% in Riyal terms. Had he stayed his Salary would have been SR. 6,600 (Rs.71,000). In India he was offered loan by one of the local banks and is a proud owner of a luxury flat at one of the prestigious locations, with an annual appreciation of 25%.According to the 7th annual Asia-Pacific Salary increase in 2007, survey by Hewitt Associate, the increase would be in the range of 12.3% to 15%. Salary hike will be maximum in India among the Asian countries. Another survey carried out by the Dubai based GulfTalent.com reveals that at-least six percent foreign nationals living in Gulf will leave and return to their home countries for growing employment opportunities especially in countries like India .Indians form the second largest expat community in this country. Many Indian have made good savings and enhanced their status within their communities. This generated many prospects, who are eager to work in the Kingdom and reach the levels of their predecessors. The recent incident of an agent duping gullible people of their hard earned money to a tune of rupees three million in Hyderabad , speaks of volumes about the dreams many youths still harbour about working in this region without realizing the hard facts.The average Indian is finding it extremely difficult to sustain the attractiveness of the Gulf market. The cost of mutton (lamb’s meat) has increased from SR. 20 to SR.26 in retail market and from SR. 14 to SR. 20 in the wholesale market. The price of rice, which is a staple food of Indian’s has risen from SR. 25 per 10 Kg to SR. 32 per Kg. in the wholesale market. The rates of Basmati rice used for Biryani’s(popular dish) has increased from SR. 34 to SR. 42 in the whole sale market. Similarly there is a rise of on an average 10 – 15% in the rates of atta, chicken and pulses. Where the rates have not risen on close observation we can find the shrinkage in the volume or size of the products on an average 10-15%. The transportation cost of School bus is increased from SR. 100 to SR. 135 an increase in 35%. Banana, commonly known as common-man fruit was sold at SR. 2 per Kg. is now being sold at SR. 4 per Kg. On the whole there is an average increase in cost of around 25% to 30%.On the other side of the fence booming Indian market is offering immense opportunities never seen before with the rising of property rates and influx of foreign investments especially in the all the major cities and surrounding areas. The wages are linked to the Consumer Price Index/Inflation due to which there is always a growth in terms of actual earnings. Because of higher cost of living in Saudi and better opportunities at home, some of the Indians are returning to their home countries for good and to start new career. Some have sent their families 2-3 years ahead of schedule. There are also instances when the persons selected by Saudi firms got offers of better packages within India , thereby making them to pursue their careers within India .Inspite of the double rate of inflation the cost of living in India is less than half of that of Saudi Arabia . If we analyse the rents in a city other that metro's a two bedroom flat is available for rent at SR. 500 per month compared to SR. 1,000 in Saudi Arabia . Locally produced vegetables and fruits are available at 1/8th to 1/4th of the cost available in Saudi. Mutton is SR. 16 per Kg, Chicken SR. 5 per piece. Pulses, milk, rice and transportation are available at less than half the rate compared to Saudi Arabia . School fee is less by almost 60-70%. Cost of banana is less than SR. 1 per Kg. In terms of expenses a person can save at-least 50-60% on monthly expenses.The conversion rate of Riyal to Rupee has reduced from 0.0802 in middle of 2006 to the current 0.0932 in September, 2007. This reduction in rates have reduced the earnings of Indians by 15%. If we analyse a person earning SR. 5,000 and making a saving of SR. 2,500 prior to mid 2006, he is able to save between SR.250-500 and is inching towards hand to mouth existence. On a similar salary back in India , the same person will be able to increase his savings by at-least by 200-400%.In the coming days dollar may come under further pressure and inflation is going to be sustained. The salary levels in India will go on increasing. This will give the Expats here an opportunity to ponder over their future plans, think of starting their careers and businesses back in India .It is high time that the employers here take a serious look into this to avoid the draining of the talent pool present here and getting the right talent from India by offering right salaries. Consideration should be given to the erosion of dollar, inflation and situation in the home countries in bringing the salaries to right levels.Tail Piece: (email in circulation)Philosophy:Alexander at his death bed said, "My last wish is that both my hands be kept dangling out of my coffin - I wish people to know that I came empty handed into this world and empty handed I go out of this world."Reality:Recent news headlines in Saudi, Dubai & Doha - Rent increase, prices increase, water & electricity increases, school fees increase, more parking fees, Road Toll etc. It all proves the old philosophy: We came to the gulf empty handed, and would go back empty handed as well!!
Shujaath Ahmed can be contacted at http://www.blogger.com/shujaathahmed@yahoo.co.in
Posted by Shujaath Ahmed Khan at 7:08 AM

SUMMARY OF INDIAN UNION /GENERAL BUDGET 2008-09
Rs. 60,000 crore debt relief package benefiting four crore farmers, increase in spending on social sector schemes and relief to income-tax payers are some of the highlights of the Union Budget for 2008-09.Presenting the budget in the Lok Sabha today, Finance Minister, Shri P. Chidambaram, announced a new insurance scheme for workers in the unorganized sector, setting up of institutes of higher learning and 6000 high-quality model schools, and provision of Rs. 16,000 crore to cover all rural districts under National Rural Employment Guarantee Scheme (NREGS).Under the debt waiver and relief package, small and marginal farmers (with holdings up to 2 hectare) there will be a complete waiver of all loans overdue on December 31, 2007 and which remained unpaid until February 29, 2008. For other farmers, there will be a one-time settlement (OTS) scheme. Under the OTS, a rebate of 25 per cent will be given against payment of the balance 75 per cent. Loans re-scheduled in 2004 and 2006 through special packages and those re-scheduled in the normal course will also be eligible for a waiver or an OTS. The debt relief scheme will be implemented by June 30, 2008 and the covered farmers will be entitled to fresh farm loans from banks in accordance with normal rules. The total value of overdue loans being waived is estimated at Rs. 50,000 crore and the OTS relief at Rs.10,000 crore. The scheme is likely to benefit about three crore small and marginal farmers and one crore other farmers.Expressing the hope that the target of agricultural credit for 2007-08 would be exceeded, the Finance Minister has set the target of Rs. 280,000 crore farm credit in 2008-09. Short-term crop loans will continue to be disbursed at interest rate of 7 per cent per year.More investment is flowing into the irrigation sector. Under the Accelerated Irrigation Benefit Programme, 24 major and medium irrigation projects and 753 minor projects will be completed. The outlay for this programme is being raised from Rs 11,000 crore last year to Rs. 20,000 in 2008-09. The Rain-fed Area Development Programme will be implemented, with an allocation of Rs. 348 crore. The Government will establish the Irrigation and Water Resources Finance Corporation with an initial capital of Rs. 100 crore. This Corporation will mobilize resources for major and medium irrigation projects.Initiatives for rejuvenating the agricultural sector include setting up of 500 soil testing laboratories, introduction of crop insurance scheme for plantation crops and support to cooperative sector reforms.The budget provides Rs. 32,667 crore for food subsidy under the Public Distribution System (PDS). As a new initiative for efficient delivery of food grains under the PDS, smart cards are being introduced in Haryana and Chandigarh, on pilot basis.Keeping in mind the higher cost of construction of houses by the poor, the subsidy per unit for new houses sanctioned under Indira Awas Yojana after April 01, 2008 is being enhanced from Rs. 25,000 to Rs.35,000 in plain areas and from Rs.27,500 to Rs.38.500 in hilly/difficult areas. The subsidy for upgradation of houses goes up from Rs. 12,500 per unit to Rs.15,000. Loans up to Rs.20,000 per unit under the Indira Awas Yojana will be available at the interest rate of 4 per cent.Calling the education and health sectors ‘the twin pillars on which rests the edifice of social sector reforms’, the Finance Minister announced 20 per cent increase in budget allocation for education and 15 per cent for the health sector.In the area of school education, a model school programme with the aim of establishing 6,000 high quality model schools has been announced. Mid-day meal scheme is to be extended to upper primary classes in Government and Government-aided schools in all blocks of the country. Nehru Yuva Kendras will be opened in all the 123 districts which presently do not have an NYK. In higher education, three IITs are to be set up in Andhra Pradesh, Bihar and Rajasthan; two IISERs at Bhopal and Thiruvananthapuram; two Schools of Planning and Architecture at Bhopal and Vijayawada; and one Central University in each of the hitherto uncovered States. To encourage children to take up science and R&D, scholarships will be given to students under a new scheme, Innovation in Science Pursuit for Inspired Research (INSPIRE).Highlighting the need for launching a world class skill development programme in mission mode, the budget seeks to establish a non-profit corporation. The Government will put Rs. 1,000 crore as initial equity in the corporation. Continuing the scheme of upgradation of ITIs, the budget provides Rs.750 crore for upgrading 300 more ITIs in 2008-09.In the Health sector two major interventions are planned. Under the Rashtriya Swasthya Bima Yojana every worker in the unorganized sector falling under the BPL category and his family will get health cover of Rs. 30,000. For the elderly a National Programme for the Elderly is to be started in 2008-09.The budget provides for Rs. 1,000 crore for the Aam Admi Bima Yojana that provides insurance cover to poor households. This will cover one crore poor households in addition to the one crore likely to be covered by September 30 this year. Funds have also been enhanced for the Indira Gandhi National Old Age Pension Scheme. This Scheme has been expanded from November 19 last year to include all persons over 65 years falling under the BPL category.Allocations for the Flagship Programmes have been enhanced. Provision has been made to expand the National Rural Employment Guarantee Scheme to cover all 596 rural districts. For providing potable water to schools in water deficient habitations, provision for installing stand-alone systems is being made under the Rajiv Gandhi Drinking Water Mission.Schemes benefiting SCs and STs exclusively have been provided Rs. 3,966 crore and for schemes where at least 20 per cent of the benefits are earmarked for SCs and STs, the budget provides Rs. 18,983 crore.The schemes announced for the welfare of the minorities include a multi sectoral development plan to be drawn for each of the minority concentration district and a scheme for modernizing Madrassa education. The allocation to the Ministry of Minority Affairs has been doubled to Rs. 1,000 crore.The budget has a number of initiatives for women and children. The allocation to the Ministry of Women and Child Development has been enhanced by 24 per cent to Rs. 7,200 crore. For the first time, a statement on child related schemes has been introduced in the budget. The total expenditure on schemes for child welfare would be of the order of Rs. 33,434 crore. Rs.11,460 crore has been provided for 100 per cent women specific schemes and Rs. 16,202 crore for schemes where at least 30 per cent is earmarked for women-specific programmes. LIC is being asked to extend the Janashree Bima Yojana to cover all women Self Help Groups that are credit-linked to the banks.The North-Eastern region continues to receive special attention in this year’s budget also. The total budget allocation for this region has been raised by over Rs. 2,000 crore to Rs. 16,447 crore. The government proposes to identify the urgent need of border areas in the north-east and address them through a special mechanism, and for this a Rs. 500 crore fund is being established.The Finance Minister has raised the income tax exemption limit from Rs. 1,10,000 to Rs. 1,50,000, thus giving every assessee a relief at minimum of Rs. 4,000. The tax rate will be 10 per cent for the income slab between Rs. 1,50,001 and Rs. 3,00,000 and 20 per cent between Rs. 3,00,001 and Rs. 5,00,000. For income of Rs. 5,00,001 and above the income tax rate will be 30 per cent. The exemption limit for women assessees has been increased to Rs. 1,80,000 and in case of senior citizens to Rs. 2,25,000. The Finance Minister has not proposed any change in corporate income tax and in the rate of surcharge. A person paying medical insurance premium for his parents will be allowed an additional deduction of Rs. 15,000 under Section 80D. Justifying the changes in the slabs for personal income tax Shri Chidambaram said that moderation will beget revenues and fairness will beget compliance.The Finance Minister has brought four more services under the service tax net. They include asset management service provided under ULIP, services provided by stock/commodity exchanges and clearing houses, right to use goods in cases where VAT is not payable, and customized software. He also clarified that money changers, persons running games of chance and tour operators using contract carriage vehicles are liable to service tax. He, however, increased the threshold limit of exemption for small service providers from Rs. 8,00,000 per year to Rs. 10,00,000. He said 65,000 small service providers will go out of the tax net.On the indirect taxes front, the Finance Minister has made no change in the peak rates of customs duty. The customs duty on project imports has been reduced from 7.5 per cent to 5 per cent. He has proposed to impose a 4 per cent special countervailing duty on a few specified projects in the power sector. Duty on steel melting scrap and aluminum scrap has been reduced from 5 per cent to nil. Customs duty on certain life saving drugs and on the bulk drugs used in the manufacture of such drugs has been reduced from 10 per cent to 5 per cent and also to totally exempt them from excise duty or countervailing duty. Specific parts of set top boxes and specified raw materials for use in IT and electronic hardware industry have been fully exempted from customs duty. Specific machinery for manufacturer of sports goods, vitamin pre-mixes, mineral mixtures and phosphoric acid used for manufacture of cattle and poultry fields have been given duty concession.In order to support domestic fertilizer production, customs duty on crude and unrefined sulphur has been reduced from 5 to 2 per cent. Export duty on chrome ore has been increased from Rs. 2000 to Rs. 3000 per metric tonne to conserve chrome ore. The Finance Minister has proposed to reduce the general CENVAT on all goods from 16 per cent to 14 per cent. Excise duty on all goods produced in the pharmaceutical sector has been reduced from 16 per cent 8 per cent. Excise duty on buses and their chassis, small cars, two and three wheelers has been reduced from 16 per cent to 12 per cent. Water purification devices, flush doors, specified packaging material and breakfast cereals will attract excise duty at 8 per cent. Anti AIDS drug, Atazanavir has been totally exempted from excise duty. To encourage cold chain facilities, the Finance Minister has proposed to exempt excise duty on refrigeration equipment above two tonne refrigeration utilizing power of 50KW and above.Bulk cement will now attract excise duty of Rs. 400 per metric tonne or 14 per cent ad valorem, whichever is higher. Cement clinkers will be liable to excise duty of Rs. 450 per metric tonne. Excise duty of packaged software has been increased from 8 to 12 per cent. An excise duty of one per cent on polyester filament yarn, called NCCD, has been removed and imposed on cellular mobile phones.Emphasizing that there has been an unmistakable boom in investment, the Finance Minister said the Government will provide Rs. 16,436 crore as equity support and Rs. 3,003 crore has loans to Central Public Sector Enterprises. The corpus of the Rural Infrastructure Development Fund is proposed to be raised to Rs. 15,000 crore during the coming year. Shri Chidambaram said that there has been some moderation in the index of production of the six core infrastructure industries as well as in the overall index of industrial production from April to December, 2007. He said the decline has been somewhat sharp in the case of consumer goods.The Finance Minister has provided Rs. 5,500 crore for the Rajiv Gandhi Grameen Vidyutikaran Yojana, Rs. 800 crore for the Accelerated Power Development and Reforms Project and increased the outlay on National Highway Development Programme from Rs. 10,867 crore to Rs. 12,966 crore. The outlay on Technology Upgradation Fund run by the Ministry of Textiles has been increased from Rs. 911 crore in the current year to Rs. 1090 crore. Rs. 340 crore has been allocated for the cluster approach to development of the handloom sector. In order to scale up both infrastructure and production, the Finance Minister proposes to take up six centres for development as mega clusters. They include Varanasi and Sibsagar for handlooms, Bhiwandi and Erode for powerlooms and Narsaspur and Moradabad for handicrafts. An initial provision of Rs. 100 crore has been made for the mega clusters.Recognizing that exports have come under some pressure due to appreciation of the Rupee, the Finance Minister said the Government has given relief to exporters in three tranches of over Rs. 8000 crore and Rs. 8351 crore in the form of interest cost of market stabilization bonds. He said the Government is sensitive the needs of the exports sector and will continue to respond sympathetically as the situation demands.On the capital market front, he announced some measures to expand the market for corporate bonds. He said, the requirement of PAN will be extended to all transactions in the financial market subject to suitable threshold exemption limit.The Finance Minister has provided Rs. 624 crore for the commonwealth games, Rs. 75 crore to ICCR to promote India’s music literature, dance, art and films, Rs. 50 crore to the National Tiger Conservation Authority to raise and deploy a special protection force.The allocation for the defence has been raised by 10 per cent from Rs. 96,000 crore to Rs. 105,600 crore. The total plan expenditure will be Rs. 243, 386 crore and the non-plan expenditure is estimated at Rs. 507,498 crore. The fiscal deficit for 2008-09 has been estimated at Rs. 133,287 crore which is 2.5 per cent of GDP. He said, significant liabilities of the Government on account of oil, food and fertiliser bonds are currently below the line. He said, after the obligations on account of the Sixth Central Pay Commission become clear he would request the Thirteenth Finance Commission to revisit the roadmap for fiscal adjustment.
Posted by Shujaath Ahmed Khan at 7:35 AM 0 comments
Wednesday, January 16, 2008
Insurance in Saudi Arabia and booming Saudi Arabian, GCC Insurance Markets
By Shujaath Ahmed Khan
The increase in oil prices with the price crossing the magic figure of US $ 100 coupled with increase in the population of the Saudi Arabia and GCC has contributed to the growth in the business activity. Lots of contruction activity is taking place throughout the Gulf countries, which has contributed to growth in Insurance premiums. The compulsory Medical and Motor insurances has also fuelled the increase in the volume of premiums. Today we find that Insurance Industry is gearing into cope with the flooding business enquiries and some are entering into new forays.The compulsory Medical Insurance in Saudi Arabia is in second phase and expected the enter any time into third phase. Currently it is essential that an insurance company uploads the Website with the member's list inorder to process Iqama renewal and any amendments to Iqama. Whereas Motor certificates are being insisted during registration of Motor vehicles and at the time of transfer of vehicles.Registration of the Companies is still in progress and the companies not registered in the Kingdom of Saudi Arabia will have to stop dealing in insurance activity. New companies which have registered with huge capital base are now finding it difficult to get the business. There is a reduction in Medical premium and companies are trying to enter into Personal Lines Segment. This will further soften the market. The more competition will give rise to low premium rates and reduction in profit margins. CCHI is expected to take hard action on defaulting companies. Customers are still working hard to get the right deals for the money spent.
Posted by Shujaath Ahmed Khan at 7:10 AM
Friday, February 1, 2008
2007 – Insurance in Saudi Arabia – Market View Brief
By Shujaath Ahmed KhanFirst Quarter In the first quarter we saw the change from driving licence insurance to vehicle Third Party Insurance, it was implemented effective 1st of April. There were grapevine about the implementation of Compulsory fire insurance. The number of covered members under Medical insurance increased dramatically. The country plans to establish a national cooperative fund to provide free health insurance coverage to all of its nationals after privatizing state-owned hospitals according to Health Ministry. The Takaful insurance is expected to grow tremendously.Al-Malath Insurance got the first licence and went on IPO. Where as Saudi Re-insurance Company (Saudi Re), became the first re-insurance Company in the Kingdom. MedGulf (Insurance and Re-insurance) enters share Market. Interserve Marsh holds marine training in Riyadh. Shares of MedGulf over-subscribed four time. The Saudi United Co-operative Insurance Company ( Amity) launched its IPO.SAAB Takafull launches its IPO. Saudi United Co-operative Insurance Co. ( Wala'a Insurance) offered its IPO through Banque Saudi Fransi, Riyad Bank and Al-Rajhi Bank. Arabian shield Co-operative Insurance Company offered their Shares for the IPO and it was oversubscribed by 4.5 times.Second Quarter Malath Cooperative Insurance and Reinsurance Company obtained its commercial registration from the Ministry of Commerce and Industry. Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) began trading on the Saudi stock market it is the third of the thirteenth Company approved by Capital Market Authority.Sanad for Cooperative Insurance Company, Saudi Arabian Cooperative Insurance Company, Saudi Indian Cooperative Insurance Company, Gulf Union Cooperative Insurance Company, Al-Ahli Takaful, Allied Cooperative Insurance Group and Al-Ahlia Cooperative Insurance offered it s IPO. Most of the companies were oversubscribed by over 300% 1000%. Prudential of Britain enters into tie-up with Bank AlJazira. The shares of almost all the insurance companies were showed an upward trendHealth insurance become compulsory for 500 plus expatriate employees. At the time of issue of and renewal of Iqama's (residence permits) it was essential to get the employee name listed in the website of CCHI.Third Quarter Shares in Saudi United Cooperative Insurance Company (Walaa Insurance), Gulf Union Cooperative Insurance Company, Sanad Insurance & Reinsurance Cooperative Company Saudi Fransi Cooperative Insurance Company (Allianz SF), Allied Cooperative Insurance Group (ACIG), Arabian Shield Cooperative Insurance Company (ASCIC), Saudi Indian Company for Cooperative Insurance and Alahli Takaful Company (ATC) soared at a higher levels. Gulf General Insurance Company (GGI) enters the Market with their IPO. Solidarity, one of the largest Takaful Companies in the world, signed a memorandum of understanding with Ahad Insurance Company based in Saudi Arabia to establish an insurance Company. BUPA, one of the Medical Insurance Provider got approval to operate as licensed Co-operative Health care Insurance Company. IPO is expected early next year.Fourth Quarter Al-Saqr Company for Cooperative Insurance launched their IPO. NCCI, the largest Insurer in Saudi Arabia launched its new Logo and new name in a well organized Ceremony and changed its name from NCCI to Tawuniya. 2nd Saudi Insurance Summit was held in Jeddah. The three day summit was chaired by Ali Al-Subaihin, CEO of Tawuniya. A new insurance brokerage service was launched. It is SABB Insurance Services Limited (SISL), it is a joint venture of SABB and HSBC Insurance Brokers. Medical Malpractice insurance becomes compulsory.The Saudi Electricity Company (SEC) has signed a three-year medical insurance contract with Tawuniya involving a total premium of SR56 million, or about SR19 million annually. Tawuniya, the leading insurance company in Saudi Arabia, had signed deals with 10 local and international companies to provide insurance in the energy sector, recently undertaking projects in the Kingdom.Prices of more than 1,400 types of medicines in the kingdom is expected to be reduced by 3.5% to 27%. A major vehicular accident due to fog takes 4 lives and scores were injured in Eastern province. 28 persons were killed and 10 others insjured yesersday during a fire after a gas pipeline explosion in Eastern Province per Saudi Aramco.Property Insurance also known and Fire Insurance is also very common in Saudi Arabia. Under Property Insurance Assets are covered like buildings, machinery, stocks etc. Property All Risks Insurance is the maximum insurance avaialable in the kingdom. Whereas Fire insurance will have extensions like allied perils and Theft. Another important aspect is that one who is having a machinery breakdown policy need to have his machinery also cover under fire or property All risks insurance policy.As the summer approacher there are may fires in Saudi Arabia. The most dangerous are domestic fires. We have also seen damage done to many business due to fires caused by short circuit.As Motor Insurance has become compulsory. Even a Comprehensive Motor Insurance holder will get a certificate which will mention about the Third Party Motor Insurance Coverage. Private cars and Commercial vehicles can be covered under Motor Insurance. Private cars the deductible and rates are less. Whereas for commercial vehicles the rates are high. However certain plant and equipments are not treated as car and cannot be covered under Motor vehicle policy. Motor insurance is compulsory in saudi arabia.Under the Workmen Compensation there are two type of covers. Workmen Compensation full cover and Workmen Compensation Difference in conditions to GOSI. Workmen Compesation is the basic right of a workmen.Personal Accident is a addition employee benefit coverage. Uncer personal accident we have an option to have death only cover and death plus other benefits. Obese people have a loading under Personal Accident Insurance. Personal accident insurance is not compulsory in Saudi Arabia.Most of the large Organizations are insisting on Public Liability or Commercial General Liability coverages. However for Construction All Risks and Erection All Risks is also treated a optional by the principal as well as the contractors. Most of the important projects are insured in Saudi Arabia.Marine insurance is important in Saudi Arabia. As most of the consumer goods are imported from abroad. Under marine we have different types of policies. One important policy in Marine All risks policy. For Metal items thhe buyers prefer to have marine B coverage. For local shipments we have marine land tranist basic cover and Marine All risks insurance. Banks do insist upon marine insurance in Saudi Arabia.Medical Insurance is again compulsory for certain groups in Saudi Arabia and it is expected to become compulsory for all in due period of time. Medical insurance is have a standard wording prescribed by Council for co-operative health insurance (CCHI). Those who are out of purview of CCHI can have Medical Insurance of their choice including CCHI Wording. Medical Insurance is a booming market in Saudi Arabia. Medical Insurance is also known as health insurance. There are many medical/health insurance providers and Administrators.We also have Medical Malpractice insurance. It is covering the medical personnel. It is also compulsory in certain hospitals.
Posted by Shujaath Ahmed Khan at 11:15 AM
Sunday, November 25, 2007
Monday, March 3, 2008
Motor Insurance in Saudi Arabia
By Shujaath Ahmed KhanType of Coverages
Comprehensive - Specified Risks, Compreshensive All Risks, Third Party fire and Theft and Third Party only. Personal Accident Benefits (unnamed Driver and Passengers – Optional covers)Coverage Details:(1) Damage to Vehicles:the reasonable cost of repair, orthe reasonable market value of the vehicle at the time of loss; orThe Estimate of Value as stated in the Policy.whichever is the least(2) Liability to Third Parties:In respect of Bodily Injury - SR. 5,000,000 any one claimIn respect of Property Damage- SR. 5,000,000 any one claim(3) Towing Charges - SR. 1,000 or 500 or 250(4) Medical Expenses - SR. 1,000 any one accident(5) Personal Accident/Medical Benefits- ( SR. 100,000 any one Driver/Passenger)(6) Agency Repair - In case of Agency repair the rates are higher and deductibles are also higher.(7) Geographical Extenstion – People want to go to Egypt, Bahrain, UAE, Kuwait,Qatar, Jodran, Yemen etc. It can be done to the own damage section fot the coverage.Authorised Driver: Any person driving on Insured's order or with their permission.Deductible: Varies from SR. 250 to SR. 2500.Vehicles Insured:Commercial and Private with mild variations. There are also coverage for special type of vehiclesImportant:1) The values indicated must represent reasonable market price to ensure satisfactory settlement of claims. Under insurance could result in the vehicle being treated as a constructive total loss even where the claim is relatively small.2) Under most of the policies legal liability of the passenger is covered under the policy upto a certain limit of passengers.3) In case of cancellation you need to demand pro-rata refund in case you are leaving the Kingdom.4) Normally get the quotes from atleast 2-3 reputed Insurers over the telephone or email.5) Do not handover your keys to any person who is not reliable.6) After accident Protect your vehicle to safety. Subsequent losses are not covered under the insurance coverage.7) Deal with professional companies.
Friday, November 16, 2007
Insurance of Construction/Erection Projects in Saudi Arabia
By Shujaath Ahmed Khan – 03-03-2008As lot of construction activity is taking place in the Kingdom of Saudi Arabia. The following information will be useful to the Principals, Contractors, sub-contractors and other interested parties.In most of the Civil Engineering or Machinery Erection Projects the Project Management faces the problem of fixing the responsibility for insuring the risks to which the project is exposed and for administering the insurance policies. The Project Manager and the Risk Manager has to assess the risks they face in the Project and shall have to make a decicion on the extent of insurance covers needed. Even when the other parties are obliged to insure various risks relating to the Project ultimately the cost will have to be borne by the Employer directly or indirectly.2. THE EMPLOYER'S RISKS:2.1. The Employer has the highest stake in completing the Project and hence in its insurance covers.2.2. In most of the cases, contracts can be better dealt with by the Employer assuming the responsibility for insurance. The Employer should foresee contingencies such as insolvency of the contractor, default by the Contractors, suspension/ termination of the Contractor replacing him with another Contractor etc while providing the insurance requirements.2.3. The factors in favour of the Employer carrying the insurable risks are:(a) The Employer has to pay the premium either directly or indirectly (costs built in the contract price). By combining the insurance requirements of various Contractors the volume of premium will be high enough to secure better insurance terms from the market.(b) The Employers has the highest stake in completing the project since his investment is exposed to the perils(c) The Contractors tend to cover their exposure only(d) Cover can be continued with the Fire Insurers for the completed sections(e) No gaps or grey areas as in the policies procured by the Contractors(f) Employer is protected in case of insolvency or termination of the Contractor and apponintment of another to complete the contract(g) Employer is protected against under-insurance if the insurances are properly arranged(h) Employer's insurance can take care of common facilities and utilities which may be used by many contractors(i) Employer can cover the risks of price escalation and replacement escalation where as the Contractors will be unwilling to cover such escalation in price(j) Coordination and completion of restoration works following a major loss to works carried out by different contractors will be easy if the indemnity is provided by one insurer(k) Following major losses it may not be possible to replace a machinery with another one of the same kind due to changes in technology. Employer's policy will be able to deal with the situation better in such a contingency(l) Employer is familiar with the local law and the import and customs law. Hence he can arrange protection needed to meet their reqirement.(m) If the Employer purchases the materials and supplies the same to the Contractor for Erection disputes may not arise between the Marine Insurer (of the Employer) and the Construction Risk Insurer as to when the damage occurred (when the materials are not checked as soon as they land or at the site) if both risks are covered by the same insurer(n) Administration of the insurance function will be easier and less expensive if the Employer effects policies including the interest of the Contractors and manages the risk using one centralised office for the whole project. Coordination will be easier with this type of centralised administration. This will also avoid time and effort spent on actions for recovery by different Insurers insuring different interests of the same subject matter affected.2.4. Even if the responsibility for managing the risks is passed on to the Contractors and the Employer is named as an insured, the Employer will continue to carry the following risks:2.4.1. MATERIAL DAMAGE AND LIABILITY:(a) Loss, damage or liability arising out of faulty design of the works by the Engineer(b) Loss or damage arising out of or aggrevated by the "excepted risks" such as the war, hostilities (whether war be declared or not), invasion, act of foreighn enemies, revolution, insurrection or military or usurped power,civil war, riot, commotion or disorder, ionising radiations or contaminations by radio-activity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel, radio-active toxic explosive or other hazardous properties of any explosive, nuclear assembly or nuclear component thereof, pressure waves caused by air craft or other aerial devices travelling at sonic or super sonic speeds, or any other operation of the forces of nature as an experienced contractor could not foresee, or reasonably make provision for (force majeure)(d) Loss or damage arising out of riot, strike or civil commotion or disorder(e) Loss or damage to the works or part of the works taken in to use or is occupied by the Employer(f) Non disclosure or misdescription of any material fact affecting the risk or any material changes affecting the risk(g) Loss or damage arising out of or aggrevated by wilful act or wilful negligence of the insured (Employer) or his responsible representative(h) Loss or damage arising out of or aggrevated by cessation of work whether total or partial(i) Loss or damge occuring after commencement of tests on the second hand machinery installed2.4.2. MATERIAL DAMAGE SECTION:In addition to the above risks mentioned in paragraph 2.4.1, the following risk are also to the account of the Employer even if the responsibility for insurance is passed on to the contractor:(a) Financial, consequential and trade losses such as the loss of anticipated profits due to delayed completion of the project, additional capital to be invested due to escalationin the project cost, penalties, fines, failure to secure special priviledges from the authorities due to delays (eg. concessional customs duties available during a period), loss of the targeted market etc.(b) Faulty design or defective material if these are supplied by the Employer(c) Loss or damage to materials supplied by the Employer due to normal wear and tear, corrosion oxidation or other normal atmospheric conditions2.4.3. THIRD PARTY LIABILITY:In addition to the above risks mentioned in paragraph 2.4.1, the Employer is exposed to the following risks in case of bankruptcy or closure of the Contracting Company the following risk are also to the account of the Employer even if the responsibility for insurance is passed on to the Contractor, unless each of the following risks is adequately insured by the party directly liable for the loss under specific policies such as the Workmen Compensation Insurance Property All Risks Insurance, Aviation Liability Insurance or the Motor Vehicle Insurance.(a) Legal liability to pay compensation for damages consequent up on accidental bodily injury to or illness of third parties not connected with the project work (whether fatal or not) and accidental loss of damage to property belonging to third parties occuring in direct connection with the erection, construction or testing on the insured project work and happening on or in the immediate vicinity of the of the site during the period of the cover(b) Legal liability to pay similar compensation for damages to one party involved in the construction work caused by another party involved in the same contract work(c) Liability consequent upon bodily injury to or illness of Employees or Workmen of the Principal, Contractors or any other Firm connected with the Project(d) Liability consequent up on loss of or damage to property belonging to or held in care, custody or control of the the Principal, Contractors and any other Firm connected with the Project(e) Liability consequent up on any accident caused by vehicles licensed for general road use or by waterborne vessel or craft(f) Liability assumed by agreement unless such liability would have attached also in the absence of such agreement(A) DAMAGE TO MATERIALS USED IN THE PROJECT:Construction Projects involving Civil Engineering Works and Machinery Erection are exposed to the following risks:1. Materials forming part of the construction work:(a) Construction/ Erection Risks while carrying out exploratory and/ proto type testing works such as drilling of test bore holes, exploratory excavations etc(b) Storage risks at the suppliers' and manufacturers' premises for imported and locally supplied materials which have already been sold but not delivered to the Contractor/ Principal(c) Marine/ transit risks from the suppliers'/ manufacturers' premises to the site of erection for materials to be imported including the risks of incidental & or intermidiate storages(d) Storages in bonded warehouses and/ or Project warehouses near the port of entry(e) Transits to and from the fabricators premises outside the construction site (for materials procured by the Contractor/ Principal and sent for fabrication/ assembly/ further process prior to Erection at site)(f) Risks during storage and fabrication/ assembly/ process at the intermediate fabricators premises mentioned in (d) above(g) Off site storages and inland transit from such storage locations to the site(h) Storage at site(i) Storage risks of materials procured for contracted/ subcontracted work but in custody of the Principal/ Contractor waiting to be handed over to the Contractor/ Sub-Contractor(j) Normal construction/ erection risk at site(k) Risks due to defective material and/ or defective workmanship(l) Risks due to faulty design(m) Completed portion of the work handed over to the Contractor but not handed over to the Principal(n) Completed sections taken over by the Principal but not taken in to use due to delay in completion of other sections(o) Risks during testing of each section of the Machinery on load(p) Integrated final testing of the complete line of Machinery on full load resulting in achievement of commercial production(q) The period of test run on load(r) Risks during the Period Of Maintenance(s) Risks during the Period Of Guarantee2. Materials used for or inconnection with the Project but not forming part of the work (temporary works not fully written of in the Project, Constructional Plant, Equipment and Machinery and Temporary Buildings such as Stores, Labour Camp etc):(a) Risks during transit from the storage premises of the owner to the site of Erection/ Construction(b) Risks during storage off site(c) Transit to and from such storage location to site and back daily/ periodically(c) Risks during storage at site.3. Unless specifically insured a normal Contractors/ Erection All Risks Policy will indemnify the Insured the cost of rectifying or replacing the item affected to the extent insured provided the loss did not occur due to any excepted peril. Such cover is provided for items 1(g) and 1(i) above if only the total contract value is declared for insurance. Even for these the following losses and/ or costs are not covered unless specifically agreed at the inception of the policy:(a) Architects, Surveyors and Consulting Engineers Fees to be incurred for reinstating the damaged property(b) Riot, strike and civil commotion risks(c) Cost of removal of debris following an indemnifiable damage to the contract work(d) Express freight (other than air freight) for replacements/ spares following an occurrence(e) Overtime, night work and holiday wages for repairs/ replacements following an occurrence(f) Air freight for replacements and spare parts to be procured following an occurrence(g) Additional customs duties for replacements/ spares to be procured following an occurrence(h) Escalation in prices of replacements/ spares to be procured following an occurrence (escalation may be due to inflation, incresed demand, reduced supply, increased cost of production, exchange rate fluctuation, original discounts not available for replacements etc; estimation of this should be based on the replacement cost of the project following a major catastrophic loss at the end of the construction period)(i) Escalation in the cost of the project due to the reasons stated in (h) above (limit of indemnity being the Escalated Project Value)(j) Cost of new parts for repairing second hand machinery and equipments(k) Loss of or damage to existing or surrounding property (not forming part of the contract work) caused by the construction work(l) Cost of removal of debris following land slides/ erosions and the cost of repairing the erroded slopes(m) Cost of replacement with newer/ improved model of the machine in the place of the destroyed (total loss) machine when the same model or its equivalent is not produced any more(n) Financial losses such as the loss of expected profits to be generated caused by the delay in completion of the project on account of an indemnifiable material loss or damage(o) Guarantee for the works following the maintenance period (5 years or 10 years guarantee for Buildings and Civil Engineering Works and additional 1 or 2 years guarantee for Machinery)(p) Loss of or damage to the Material Handling Equipments and other Machinery when they are being used for the Construction/ Erection activity after such equipments have been installed unless such equipments are insured as "Construction Plant and Machinery" for the period they will be used for the erection work by the Contractor or the Principal. Such equipments should also be insured as part of the Contract Work (the Contract Work sum insured also should include the value of such equipments) if such equipments will be taken over by the Principal as a part of the Main Project). An example is a gantry crane installed in a production bay and used for lifting the production machinery during installation.(B) LIABILITY TO THIRD PARTIES ARISING OUT OF THE WORK:Third party liability risks to which the Principal is exposed to are:Liability for accidental bodily injury or illness and for accidental loss of or damage to property caused by(a) The Principal or his representatives and employees to Third Parties and the Property of Third Parties not connected with the Project(b) The Principal or his representatives and employees to other Parties engaged in the Contract Work and to their PropertyLiability for accidental bodily injury or illness and for accidental loss of damage to property caused by(a) The Contractors and other parties employed by the Principal in connection with the Construction/ Erection Work to third parties not connected with the project(b) Any of the Contractor or the other parties employed by the Contractor in connection with the Contract Work caused to another party or another Contractor employed for the same projectLiability for loss of or damage to property in care, custody or control of the PrincipalCHECKLIST FOR RISK MANAGERS OF CONSTRUCTION/ ERECTION PROJECTS:DESIGN & CONSULT:Insurance cover for Architects, Design Engineers and Consulting Engineers:(a) Professional Indemnity cover to be producured by the Architects, Design Engineers and Consulting Engineers: limit of indemnity to be specified by the Principal depending on the exposureName of the specialist Period of cover Limit of indemnity(b) Personal insurances for these officials and their assistants:Cover Period of Limit of Schedule ofrequired insurance indemnity itemsMotor vehicle insuranceWorkmen Compensation insuranceGeneral liability insuranceInsurance covers for the employer/ principal:(a) Contactors all risks and third party liability covers including the following extensions:Risks to be covered:Insurance covers for the contractors and the sub contractors:(a) Marine/ inland transit cover for materials supplied(a) Contractors all risks and third party liability covers including the following extensions(b) Plant all risks cover(c) Motor vehicle insuranceCover to include:(d) Workmen compensation insurance(e) Medicare and personal accident covers(f) Bonds(g) Fire and perils covers for off site accommodation, offices, warehouse buildings etc (permanent buildings taken on lease and the contents not absorbed in the contract price)(h) General liability cover
Posted by Shujaath Ahmed Khan at 5:43 AM

List of some of the Medical Facilities - Hospitals and Clinics in Major cities of Saudi Arabia.Name of the HospitalName of the CityTelephone No.Abha Private HospitalAbha2292222GNP Asir PolyclinicAbha2200002Saudi German HospitalAbha2355000Al Rahma HospitalAbha2282020Al Nomais Polyclinic - Hai Al MuwazafinAbha2272192Medical Center for Consultative ClinicsAbha2298884Manar Al Siha DispensaryAbqaiq5660163Al Shifa DispensaryAbqaiq5663777Al Hakamy PolyclinicAhad Masarha3193200Al Ahsa HospitalAl Ahsa5844000Al Maghlouth Medical Disp.Al Ahsa5313333GNP PolyclinicAl Baha7271126Al Hussainy HospitalAl Dawadamy6421838Al Gannas Medical GroupAl Dellam5411007Hussain Moh'd Judaie Medical PolyclinicAl Jouf6220981Specialized Medical Center 2Al- Khafji7663666Al Khafji National HospitalAl- Khafji7661111Al Ameed Medical PolyclinicAl Kharj5442777Al Gannas Medical GroupAl Kharj5444003Ashfa Medical CenterAl Mandaq7513525Salamat Medical ClinicAl Qassim3819966Mudar Social Services DispensaryAl Qudaih8558513AlAmal PolyclinicAl Wajeh4420702Inclusive Acme PolyclinicAl Zulfi4222777Saad Specilaist HospitalAlkhobar8828999Al Mana General HospitalAlkhobar8987000Al Salama HospitalAlkhobar8641232Elaj Health Care ServicesAlkhobar8655221Fakhry HospitalAlkhobar8954960Magrabi CenterAlkhobar8817777Astoon HospitalAlkhobar8590024Khobar Cooperative ClinicAlkhobar8640141Mohammad Dossary HospitalAlkhobar8945524Al Rajhi International ClinicAlkhobar8655284Al Yousuf HospitalAlkhobar8642751Dr. Layla Onaizi PolyclinicAlkhobar8574040Shifa Al Khobar PolyclinicAlkhobar8944984Al Faraby Medical CenterAlKhobar891 6163Al Jazira ClinicAlkohbar8982022Azzayed HospitalAl-Rass3337007Al Taya'a Medical PolyclinicAl-Rass3335500Al Shifa Medical ClinicAnnamas2820222Al Khanani ClinicArar6627064Al Mudhi Medical ClinicArar6626051Asfan Clinic & PharmacyAsfan2653113Al Takhassosy ClinicBadr3322500Shamekh PolyclinicBaha7270801Amal Backlain PolyclinicBahrah2110683Ghodran G. HospitalBaljurashi7224470Gamed ClinicBaljurashi7220540Bisha Medical DispensaryBisha6226560General Medical Care PolyclinicBisha6220001Elaj Health Care ServicesBuraidah3263241GNP PolyclinicBuraidah3812996Faiha Medical Care GroupBuraidah3814020Al Mehaimed National ClinicBuraidah3244901Basmah PolyclinicBuraidah3822801Dar Rama Medical GroupBuraidah3234003Al Saudi PolyclinicBuraidah3821999Al Shamel Medical Consultative ClinicsBuraidah3855961Al Faraby Medical CenterDammam847 4080Al Mana General HospitalDammam8262111Al Mouwasat HospitalDammam8200000Cardio Vascular CenterDammam8276195Kahhal Medical ComplexDammam8097777Magrabi CenterDammam8202833Dammam Medical DispensaryDammam8271388Tadawi Gen. HospitalDammam8348777Badr Al Rabea PolyclinicDammam8340903Al Mouwasat DispensaryDammam8260800Health & Life DispensaryDammam8222222General Care DispensaryDammam8467777Dar Al Sihha DispensaryDammam8177899Al Nowaimah Medical National PolyclinicDawasir7861495Al Faraby DispensaryDmmam8420909Magrabi CenterGizan3225555GNP PolyclinicGizan3175010Gizan National ClinicGizan3220703Al Emais PolyclinicGizan3226633Dr.Ali Tammam A.T. PolyclinicAl-Gurayat6421169Specialized Medical CenterAl-Gurayat6414041Dr. Noor Khan General HospitalHafr Al Batin725550Al Rashid HospitalHail5332222Salamat ClinicHail5327775Al Safa ClinicHail5435556Semah PolyclinicHail5328000Al Noor PolyclinicHail5344440Al Mana General HospitalHofuf5887000Elaj HospitalHofuf5930333Elaj Health Care ServicesHofuf5930333Magrabi CenterHofuf5858888Al Mousa HospitalHofuf5307000Hagar DispensaryHofuf5804677Al Obeid HospitalHofuf5303333Al Mouwassat DispensaryHofuf5360000King Faisal Specialist Hospital*Jeddah6677777International Medical Center*Jeddah6509000Dr. Samir Abbas Medical Center*Jeddah6530000GNP HospitalJeddah6823200Dr. Bakhsh HospitalJeddah6510555Abdul Latif Jameel Center for RehabilitationJeddah6770001Elaj Health Care ServicesJeddah6636110Polyclinic & Day Surgary Dr. Nihad IslamJeddah6077700Tala Medical CenterJeddah6391818Al Eskan PolyclinicJeddah6516656Mushrifa Medical CenterJeddah6736287Dr. Solaiman Fakeeh HospitalJeddah6655000New Jeddah Clinic HospitalJeddah6675000Dr. Erfan & Bagedo HospitalJeddah6820022Jeddah Clinic HospitalJeddah6313131Bugshan General HospitalJeddah6691222Al Safa PolyclinicJeddah6200129Magrabi Eye & Ear HospitalJeddah6369822Magrabi CenterJeddah6644999Dr.Khaled Idriss HospitalJeddah6423555Al Jeddani Group of HospitalsJeddah6772221Abuzinada HospitalJeddah6510652Saudi German HospitalJeddah6829000Al Mostagbal HospitalJeddah6875255Hai Al Jamea HospitalJeddah6806666Halah Essa Bin Laden Hospital / ClinicJeddah6722315Al Ansar HospitalJeddah6825105Al Zahraa HospitalJeddah6823331Dr. Bakhsh Hospital - Mina BranchJeddah6479666Al Jazirah HospitalJeddah6402773Al Hamra HospitalJeddah6653777Al Salam International HospitalJeddah6970000Dr. Abdullah Saim Al Dahr HospitalJeddah6754444Saudi American ClinicJeddah6605050Dr. Siddiqa HospitalJeddah6721763Jeddah National HospitalJeddah6710040Dr. Hassan Ghazzawi HospitalJeddah6636333Saudi HospitalJeddah6711831Al Ryan PolyclinicJeddah6316548Al Ansar New ClinicJeddah6933379Al Ansar Modern ClinicJeddah6050666Bawadi Jeddah PolyclinicJeddah6542022Hera'a PolyclinicJeddah6836651SISCO PolyclinicJeddah6380903Badruddin PolyclinicJeddah6438395Khalid PolyclinicJeddah6205797Khalid Medical Polyclinic 2Jeddah2722222Taj PolyclinicJeddah6355715Al Rashad ClinicJeddah6530360Badr Al Samah PolyclinicJeddah6729838Al Abeer Medical CenterJeddah6573001Al Abeer Medical CenterJeddah6174545Sameera PolyclinicJeddah6178537Al Hanan PolyclinicJeddah6317728Al Madinah Medical ClinicJeddah6881288Dr.Adel Bahlas Medical CenterJeddah6985566Al Sulymaniyah PolyclinicJeddah6405029Al Samria PolyclinicJeddah6796387Al Higrah Medical CenterJeddah6216040Taaowon PolyclinicJeddah6911270Nassem Jeddah PolyclinicJeddah2875000Balghsoon PolyclinicJeddah6327100Hiba Asia PolyclinicJeddah2352744Al Sharq PolyclinicJeddah6600046Shaker Medical CenterJeddah2843599Dr. Hani Abdullah Ragaban PolyclinicJeddah6946207Badr Al Tamam PolyclinicJeddah6457428Al Rajhi PolyclinicJeddah6321690Al Aziziah PolyclinicJeddah6701071Dr. Darhous Medical CenterJeddah6372567Balsam Al Sitten PolyclinicJeddah6395444Rabeeh Al Jazeera PolyclinoicJeddah6442666Gulf Medical ClinicJeddah6803772Al Mana General HospitalJubail3412000Al Mouwasat HospitalJubail3490000Al Khonini General DispensaryJubail3410110Jubail National DispensaryJubail3620385Al Shabani General HospitalJubail3623800Al Lulu DispensaryJubail3484570Dina Dispensary for Medical ServicesJubail3620636Elaj Health Care ServicesK. Mushayt2230110Mustashark Medical CenterK. Mushayt2200006Magrabi Eye & Ear & Dental HospitalK. Mushayt2355555Badruddin PolycliniK. Mushayt2221698Al Nomais Polyclinic - Wadi Bin HashbalK. Mushayt2641616Al Kahmis Medical PolyclinicK. Mushayt2222012Al Bishri Medical ClicniKhulais2135562Madina National HospitalMadina8444444Saudi German HospitalMadina8406000Magrabi CenterMadina8423252Al Zahraa HospitalMadina8488808Al Rahmah HospitalMadina8272777Al Mouwasat HospitalMadina8422211Dr. Hamid S. Al Ahmadi HospitalMadina8363332Al Dar Hospital - AwaliMadina8361672Al Dar Hospital - QubaMadina8677777Saudi National PolyclinicMadina8254743Wahat Al Shifa PolyclinicMadina8288177Al Habib DispensaryMajmah4323867GNP PolyclinicMakkah5450758Basharahil HospitalMakkah5204444Alawi Tunsi & Bro. HospitalMakkah5587777WTCM Clinic - ElajMakkah5591555Dr. Bakhsh HospitalMakkah5222222Al Rafie HospitalMakkah5454455Makkah Medical PolyclinicMakkah5440707Magrabi CenterMakkah5590043Al Ahli Saudi HospitalMakkah5562177Al Salam HospitalMakkah5772222Al Saeedy ClinicMakkah5442261Umm Al Qura HospitalMakkah5376767Al Shefa HospitalMakkah5369779Dr. Abdulaziz Kamel Kurdy PolyclinicMakkah5420433Asian PolyclinicMakkah5361280Ali Al Sa'adi & Partner PolyclinicMakkah5491111Hamid Specialized PolyclinicMehayel2858555GNP PolyclinicNajran5225133Al Watany Med. PolyclinicNajran5224705Al Qadi PolyclinicNajran5231000Al Qadi Typical PolyclinicNajran5231000AL Zafer HospitalNajran5222234Elaj Health Care ServicesOnaizah3610374Al Wafaa HospitalOnaizah3636600Medicare PolyclinicOnaizah3610000Al Mouwasat HospitalQatif8512222Al Amal DispensaryQatif8555333Al Bati DispensaryQatif8233363Al Amal PolyclinicRabegh4222916Al Nakheel National ClinicRabegh4221200Al Ta'afi DispensaryRahima/Ras Tanoura6680909Rahima Al Ahli DispensaryRahima/Ras Tanura6674490Dallah Hospital *Riyadh4702911Sultan Bin A. Aziz Humanitarian CityRiyadh5620000Kingdom HospitalRiyadh2751111Specialized Medical Center HospitalRiyadh4164000Al Osrah Int'l. HospitalRiyadh4311111E.N.T. Medical CenterRiyadh4802229Riyadh Care HospitalRiyadh4933000Transad Medical ServicesRiyadh4645050Consulting ClinicsRiyadh4659100Rathawia Specilized Medica CenterRiyadh4163322Consulting CenterRiyadh5655558Al Mowed Medical CenterRiyadh4531705Riyadh Medical CenterRiyadh4653060Abad Medical CenterRiyadh4043454Elaj Health Care ServicesRiyadh4648803Mayiez Medical CenterRiyadh2168877Consultant Diabetes & Lipids CenterRiyadh4160707Saudi German HospitalRiyadh4873000Olaya Medical CenterRiyadh4645501Riyadh National HospitalRiyadh4761211Elite Medical & Surgical CenterRiyadh4616777Al Hammadi HospitalRiyadh4622000Medical Consultant PolyclinicRiyadh4646270Arab Medical DarRiyadh4160011Al Mouwasat HospitalRiyadh4455555Consultative Medical ClinicsRiyadh2320000Riyadh Consultative ClinicsRiyadh4507000Modern Medical ClinicRiyadh4918003Al Warood Medical CenterRiyadh4703355Shining Horizons Medical CenterRiyadh2252000Magrabi CenterRiyadh4455049Green Crescent Health SvcRiyadh4644434Al Falah HospitalRiyadh4463737Al Mobarak HospitalRiyadh4015282Al Azhar HospitalRiyadh2366788Al Subhi Specialized CenterRiyadh2335000Heraa Medical ClinicRiyadh4390040Al Mahanna Medical CentreRiyadh2263800Dr. Moagel PolyclinicRiyadh4477065Omar AlAjaji Medical CenterRiyadh4741122Al Rawdah National ClinicRiyadh2311104Badeah Consultative ClinicRiyadh4320628Al Karama National ClinicRiyadh2315480Obeid HospitalRiyadh4767222Dar El Shifa HospitalRiyadh4012029Al Smari PolyclinicRiyadh4038896Al Badri Medical CenterRiyadh4509000Al Bustan ClinicRiyadh4582140Al Dhawi Polyclinic I & IIRiyadh4938347Al Eman Medical ClinicRiyadh4582070Khaled Medical ClinicRiyadh2365111Azizia National Medical ClinicRiyadh4955012Al Nozha Medical CenterRiyadh4554400Al Sarh Medical ClinicRiyadh4454954Al Wattan ClinicRiyadh4588444Al Wattan Medical CenterRiyadh4964455Shoa'a ClinicRiyadh4563777Olaya International ClinicRiyadh4641158Al Rajhi International ClinicRiyadh4036555Al Rayah Medical ClinicRiyadh2285856Al Salam Area National ClinicRiyadh4923030Typical Medical ClinicRiyadh2451910Al Thomairy National ClinicRiyadh4911149Hai Badr ClinicRiyadh4222254Hai Al Shifa ClinicRiyadh4210015Al Orouba Medical ClinicRiyadh4215709Al Orouba Second ClinicRiyadh4215704Al Rayyan National ClinicRiyadh4937024Family Medical Center ClinicRiyadh4240749Ashbelia Medical ClinicRiyadh2400555Manarat Medical CenterRiyadh4954878Omar AlAjaji Medical Center - 2Riyadh2655525Amal Medical Care ClinicRiyadh4059434Pearl's Smile Medical Center (Reem Hijaz)Riyadh4646334Omm Al Hamam PolyclinicRiyadh4806348Al Osrah Medical ClinicRiyadh4572417Al Khozama Medical ClinicRiyadh4500011Safa Makkh PolyclinicRiyadh4036111Safa Makkh Polyclinic - HaraRiyadh4012128Shifa Al Jazeera PolyclinicRiyadh4121855Al Alami PolyclinicRiyadh4953022Al Muhammadiah Medical CenterRiyadh2101717Riyadh ClinicRiyadh4787639Al Khaldia ClinicRiyadh4489283Dar Al Hikmah ClinicRiyadh4469903Dar Al Shifa ClinicRiyadh4989220Malaz Modern ClinicRiyadh4771515Al Emies National HospitalSabia3266633Baashen Medical DispensarySabia3274619Family care Specialist PolyclinicSabt Al Alaya6300084Salamatak DispensarySafwa6642193Al Safa Social Services Charity SocietySafwa6641637ِAl Huzeim Medical GroupSakaka6260167Al Hamad Medical PolyclinicSakaka6248888Taj Al Shifa ClinicSakaka6264448Al Khanani Medical ClinicSakaka6244442Al Jazerah PolyclinicSharoura5320238Al Sadiq HospitalSihat8500160Elaj Health Care ServicesTabouk4247770GNP PolyclinicTabouk4227007Prince Fahd Bin Sultan HospitalTabouk4238486Al Dakheel PolyclinicTabouk4242222Al Adwani HospitalTaif7340000GNP PolyclinicTaif7327055Al Ameen HospitalTaif7366100Ibn Seana Medical PolyclinicTaif7455140Zahrat Ibn Seana PolyclinicTaif7460863AlHassan National HospTaif7250960Sarya Medical DispensaryTuraif6521672AlAmal PolyclinicUmluj3822316Al Ansari ٍSpecialist HospitalYanbu3926444Dr. Erfan & AlSaeedi Gen. Hosp.Yanbu3915000Yanbu National HospitalYanbu3962000Yanbu National Disp.Yanbu3228024Dar Al Shifa ClinicYanbu3227062Al Amal DispensaryYanbu3220000Safa Yanbu PolyclinicYanbu3980560Dr. AbdulRahman Al Alwni PolyclinicYanbu3901902Al Amal PolyclinicYanbu3963024
Posted by Shujaath Ahmed Khan at 10:38 PM
Indian Insurance Update
RAJYA SABHA – 17-04-2008BSNL has offered “Personal Accident Policy for BSNL subscribers” worth Rs.50,000/- which covers Accidental Death and Permanent Total Disability due to accident, for its esteemed customers comprising the working BSNL Landline, Wireless in Local Loop (WLL) and Post-paid Mobile connections. The insurance cover is effective from 14th January, 2008 for one year. For this, BSNL has entered into an agreement with M/s Bajaj Allianz General Insurance Co. Ltd., as a Lead Insurer with the share of 75% and M/s Oriental Insurance Co. Ltd., as a Co-insurer with the share of 25% of the total premium / claim.MTNL Mumbai has entered into an agreement with TATA AIG to offer one year life insurance scheme to its customers on experimental basis. Personal accident insurance coverage amount is Rs.50,000/- with the validity for a period of one year from the date of allotment of Group Policy Account (GPA) number on consent basis. Scheme is applicable to individuals post paid (both existing and new) subscribers of GSM, CDMA and landline customers, within age group of 18-65 years. No such scheme has been introduced by MTNL in Delhi.This information was given by the Minister of State for Communications and Information Technology, Shri Jyotiraditya M. Scindia in a written reply to an un-starred question in the Rajya Sabha today.31-03-2008RASHTRIYA SWASTHYA BIMA YOJANA OPERATIONALIZED SMART CARD STARTS ROLLING OUT IN RAJASTHAN AND HARYANAThe Rashtriya Swasthya Bima Yojana which was formally launched on the 1st of October last year, is scheduled to be operationalised from tomorrow. The Scheme envisages to provide smart card based cashless health insurance cover upto Rs.30,000 to all the BPL families in the unorganized sector in the next five years under the Health Insurance Scheme. An estimated six crore BPL workers in all 600 districts in the country @ one lakh workers per district would be covered @ 120 district per year starting from this financial year.The Central Government has already issued Guidelines and a Draft Tender Document has been prepared and sent to all the States. The Draft Contract Agreement, to be signed between the Insurance Companies and respective State Governments, has also been finalized and circulated. Medical procedures and their costs have been standardized by a group of experts. The draft MOU between Centre and the States has also been finalized.On the IT front, Guidelines for Smart Card hardware and the operating software as also the software for issuing smart card have been finalized and released. Similarly, the specifications for smart card handling devices have been finalized with the assistance from the World Bank. For security against issuance of duplicate/fake RSBY smart cards, the NIC has developed a Key Management System (KMS). A certification system has been put in place for software to be used. Preparations are underway for a back-end data base management. All these tasks are highly technical in nature and time consuming but these are imperative for smart card operation. When fully operational, these would make the scheme paperless.Under the Scheme, total sum insured would be Rs. 30,000/- per family, per annum, on a family floater basis. It would operate through cashless transactions and would cover hospitalisation expenses, taking care of most of the illnesses with as least exclusions as possible. An initial allocation of Rs.250 crore has been made in the budget 2008-09. The Centre would contribute 75% of the annual premium whereas the States would be contributing the remaining 25%.The Scheme also envisages the setting up of a Technical Cell to be set up by the Central Government to assist the States in preparation of projects and monitor and evaluate the implementation of the project. The States would put in place an institution for implementing the Health Insurance Programme.The use of smart card, making the scheme truly cashless, as also providing interoperability to facilitate use by migrant labour and use of IT applications on such a large scale for the poorest of the poor make this scheme unique in nature. The Scheme would use both public and private service providers for delivering the insurance package. It would also seek the contribution of Rs.30, by way of Registration fee, from the BPL beneficiary with a view to inculcating a sense of ownership in them.Fifteen States (Delhi, Rajasthan, Gujarat, Haryana, Bihar, Uttrakhand, Kerala, Punjab, Chhatisgarh, Jharkhand, Uttar Pradesh, Tamilnadu, Karnataka, Maharashtra and West Bengal) have advertised. States of Orissa and Himachal Pradesh are likely to advertise very soon. All States, except the States in the North-East and J&K, have formally communicated their ‘in-principle’ approval. The North-Eastern States and J&K have requested for greater contribution (90%) from the Centre and their proposal is under consideration of the Union Government.Smart Cards have started rolling out in the States of Haryana and Rajasthan and are likely to roll out in NCT of Delhi from 1.4.08. Districts of Yamunanagar in Haryana and Jhalawar in Rajasthan are the first two districts where such cards are being issued. Remaining three districts of Haryana and seven of Rajasthan, along with nine districts of Delhi will commence rolling out in the following months. So far, more than 5000 smart cards have been issued.The Enrolment software has, by and large, stabilized but the real challenge would be the operation of Transaction software which will be used in the hospitals. The specifications for Transaction Software have been approved and released. A Certification System has also been put in place. A couple of Service Providers have submitted the software for certification.A bigger challenge would be the back-end data base management which would ultimately make the scheme paperless. This is a long term exercise which will take a few months.10-03-2008Over 6.53 lakh farmers have been covered under the Livestock Insurance Scheme upto 28.2.08. Funds to the tune of Rs. 90.21 crore have been released to States by the Central Government.The Livestock Insurance Scheme is being implemented on a pilot basis in 100 selected districts across the country during 2005-06, 2006-07 and 2007-08. The scheme is being implemented through the State Livestock Development Boards. Under the scheme 50% subsidy on premium is provided by the Central Government to insure crossbred and high yielding cattle and buffaloes and rest of the premium to a beneficiary. The benefit of one time subsidy on premium to a beneficiary is restricted to two crossbred cows and buffaloes for a policy of maximum period of three years. The animal can be insured under the scheme for maximum of their current market value. Animals covered under any other insurance scheme/plan scheme will not be covered under this scheme. The premium rates may not exceed 4.5% for annual policies and 12% for 3 year policies (inclusive of additional risk factors). Further, the claims are to be settled by the insurance companies within 15 days on receipt of claims with the requisite documents.This information was given in the Lok Sabha today by Shri Taslimuddin, Minister of State for Agriculture in a written reply.*********************************************************************************************************The Government proposes to freeze the existing Corpus of Post Office Insurance Fund and convert it into dated securities over a period of three years. The future accretion to the fund are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.The future accretion from the Post Office Insurance Funds are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.To check proper utilization of funds firstly, the Government proposes that the funds will be given to the Fund Managers under “passive” or “non-discretionary” mode for investment as per IRDA (Investment) Regulations 2000.Secondly, an Investment Board will be constituted headed by Member (I &FS) Postal Services Board and consisting of other members such as financial experts, Actuary and Joint Secretary of Ministry of Finance. The Board will be the apex body for the purpose of laying down the policy guidelines and investment strategy, which will set the framework for the day-to-day decision on investment.Thirdly, there will be a Chief Investment Officer, who will be heading the Investment Division. He will execute the policy framework and structure of the investment decided by the Investment Board.This information was given by the Minister of State for Communications and Information Technology, Dr. Shakeel Ahmad in a written reply to an un-starred question in the Lok Sabha today.LOK SABHAThe Government proposes to freeze the existing Corpus of Post Office Insurance Fund and convert it into dated securities over a period of three years. The future accretion to the fund are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.The future accretion from the Post Office Insurance Funds are proposed to be invested as per the Insurance Regulatory and Development Authority (Investment) Regulations, 2000 and IRDA (Investment) (Amendment) Regulations, 2001, and further amendments thereto from time to time.To check proper utilization of funds firstly, the Government proposes that the funds will be given to the Fund Managers under “passive” or “non-discretionary” mode for investment as per IRDA (Investment) Regulations 2000.Secondly, an Investment Board will be constituted headed by Member (I &FS) Postal Services Board and consisting of other members such as financial experts, Actuary and Joint Secretary of Ministry of Finance. The Board will be the apex body for the purpose of laying down the policy guidelines and investment strategy, which will set the framework for the day-to-day decision on investment.Thirdly, there will be a Chief Investment Officer, who will be heading the Investment Division. He will execute the policy framework and structure of the investment decided by the Investment Board.This information was given by the Minister of State for Communications and Information Technology, Dr. Shakeel Ahmad in a written reply to an un-starred question in the Lok Sabha today.*************************************************************************************************The Insurance Regulatory & Development Authority (IRDA) has reported that vide its circular dated 01.01.2008, it has directed all insurance companies to provide policyholders the details of various charges deducted from the premium and the amount available for investment in each policy year at the time of purchasing the Unit Linked Insurance Plans.IRDA has reported that action would be taken against the insurance companies not complying with its instructions under Section 3 of the Insurance Act, 1938.The amount collected by the insurance companies through ULIP for the year 2006-07 is Rs. 55,038 crore and investment in various sectors of the ULIP Portfolio as on 31st March, 2007 is as under:Investment made in various sectors Amount (Rs. In crore)Government Securities and Guaranteed Bonds 9,725.09Infrastructure3,685.10Debentures & Bonds 3,219.05Equity 34,499.23Others 17,774.16Total 68,902.62This information was given by Shri Pawan Kumar Bansal, Minister of State for Finance in reply to a question raised by Shri Bachi Singh Rawant ‘BACHDA’ in Lok Sabha on 10th March, 2008.*********************************************************************HEALTH INSURANCE SCHEME FOR THE UNORGANIZED SECTOR WORKERS--------------------------------------------------------------------------------The Union Cabinet today gave its approval for launching of the Health Insurance Scheme for the Workers in the Unorganized Sector.The said Scheme would facilitate health insurance cover to the workers in the unorganized sector.The Scheme will be launched in a phased manner for BPL workers / families in the unorganized sector. The scheme will be formally launched on 2nd October, 2007 when States will be asked to formulate projects.The following would be the criteria of eligibility under this scheme :· Unorganised sector workers belong to BPL category and their family members ( a family unit of five) will be the beneficiaries.· It shall be the responsibility of the implementing agencies to verify the eligibility of the unorganized sector workers and his family members who are proposed to be benefited.· The beneficiaries will be issued smart cards for the purpose of identification.THE SCHEME, "PRAVASI BHARTIYA BIMA YOJANA, 2003", FINALISED--------------------------------------------------------------------------------On the occasion of Pravasi Bhartiya Diwas on the 9th January, 2003, the Hon’ble Prime Minister announced a compulsory Insurance Scheme for the emigrants going abroad for employment. Accordingly an Insurance Scheme was framed by Labour Ministry in consultation with the Ministry of External Affairs. Proposals from M/s. New India Assurance Co. Ltd., M/s. Bajaj Allianz General Insurance Co. Ltd. And M/s. ICICI Lombard General Insurance Co. Ltd. Were received which were examined in the Ministry.A notification for introducing the "Pravasi Bharatiya Bima Yojana, 2003" has been issued on 13th November, 2003. This scheme will come into force on the 25th day of December, 2003. The salient features of the Pravasi Bharatiya Bima Yojana, 2003 are follows:The Pravasi Bharatiya Bima Yojana seeks to provide insurance cover of a minimum sum of Rs.2.00 lakhs payable to the nominee/legal heir in the event of death or permanent disability of any Indian emigrant who goes abroad for employment purpose after obtaining emigration clearance from the concerned Protector of Emigrants (POE).In the case of death, besides the cost of transporting the dead body, the cost incurred on the one way airfare of one Attendant shall also be reimbursed by the Insurance Company.If a worker is not received by the employer on his arrival to the destination abroad or there is any substantive change in Employment Contract to his disadvantage or if the employment is pre-maturely terminated within three months for no fault of the emigrant, the Insurance Company shall reimburse one way economy class airfare provided the grounds of repatriation are certified by the concerned Indian Mission/Post.The Insured person shall be reimbursed actual one way economy class airfare by the Insurance Company if he falls sick or is declared medically unfit to commence or continue working and the service contract is terminated by the Foreign Employer within six months of taking the insurance.The Insurance Policy shall be valid for a period of two years or the actual period of contract whichever is less.The Insurance Policy shall also provide medical cover of a minimum of Rs.50,000/- as cash-less hospitalization and/or reimbursement of actual medical expenses of the insured emigrant workers on grounds of accidental injuries and/or sickness/ailments/diseases occurring during the period of insurance provided the medical treatment is taken in India.The Insurance Policy shall also provide maternity benefits, subject to a minimum cover of Rs.20,000/- in case of women emigrants but re-imbursement to be restricted to actual expenses.The family of emigrant worker in India consisting of spouse and two dependent children up to twenty one years of age shall be entitled to hospitalization cover in the event of death or permanent disability of the insured person for a maximum amount or Rs.10,000/- per annum.The Insurance Companies shall charge fair and reasonable premium for policy period of six month, one year and two years.EPF PROPOSES MULTI-BENEFIT EMPLOYEES INSURANCE SCHEME--------------------------------------------------------------------------------The Employees Provident Fund Organisation proposes to introduce a Multi-benefit Employees Insurance Scheme. The proposed Scheme will benefit those EPF beneficiaries who have lost the jobs as a result of the ongoing economic restructuring. The Executive Committee constituted by the Central Board of Trustees to make a detailed study, has approved the proposed scheme to provide benefits by way of unemployment assistance. It would require amendment to the Employees Provident fund and Miscellaneous Provisions Act, 1952. The proposed amendment would convert the existing Employees Deposit Linked Insurance Schemes, 1976 to Multi-Benefit Employees Insurance Scheme, retaining the existing death benefits without any change. Under the amended scheme any employee who loses the job as specified in the scheme will be entitled for a monthly unemployment insurance benefit for a specified period subject to graded rates linked to the age and membership.The Scheme envisages a small contribution both by employer and employees during the tenure of employment. The Executive Committee after extensive deliberations has recommended that employer would contribute 1.25% and employee 0.5% of the wage to the new scheme. The Committee has also suggested that government should also make a contribution at least at the rate of 0.25% so that half of the last wage for one year can be given as employment insurance to the member.The recommendations of the Executive Committee would have to be approved by the Central Board of Trustees (CBT) to go ahead with the necessary amendments to the EPF & M.P. Act.INSURANCE NOW BEING SEEN AS SAVINGS INSTRUMENT: FMPLANNING COMMISSION AND AGRICULTURE MINISTRY WORKING ON NEW AGRICULTURE INSURANCE POLICYCONSULTATIVE COMMITTEE OF FINANCE MINISTRY MEETS--------------------------------------------------------------------------------With the increase in per capita income, insurance is now being seen not only as an instrument for risk coverage but also for savings and investments and this trend is clearly visible. This was stated by the Finance Minister, Shri P. Chidambaram while addressing the Parliamentary Consultative Committee attached to his Ministry, here yesterday. He said that the insurance penetration, which is a reflection of the gross premium as a percentage of the GDP, has gone up from 2.3 in the year 2000 to 4.8 in 2006. Similarly, insurance density which measures the gross premium per capita in USD has gone up from 9.90 in the year 2000 to 38.40 in the year 2006. These figures, though, are comparatively less than the figures of some of the countries in the developed world; it is expected that in the years to come there will be further improvement in the insurance penetration and density, he added.The Finance Minister stated that now people are becoming more cautious about their health and are opting for health insurance schemes which have shown an upward trend. He said that the Government has announced a health insurance scheme on 1st October, 2007 to cover unorganized sector workers belonging to BPL categories and their family members in the country over a period of 5 years beginning 1st April, 2008.In response to Members’ suggestion of according a wider insurance cover to agriculture sector, the Finance Minister stated that the National Agriculture Insurance Scheme (NAIS) which was introduced in 1999-2000 season is still continuing. It covers all farmers who take loans from commercial banks, cooperative banks as well as rural banks. The scheme operates on the basis of area approach. He said that for wheat and paddy crops, the premium rates are 1.5% and 2% of the sum assured respectively. This is a subsidised scheme and the amount of subsidy is shared on 50-50 basis by the Central and State Governments. The Finance Minister said that as agriculture loans increase, more and more farmers would be covered under this scheme. He disclosed that against a total premium collection of Rs.2942 crore, claims amounting to Rs.8873 crore have already been paid under NAIS. He further informed that the Planning Commission and Ministry of Agriculture are examining the new agricultural insurance scheme which will revise the present NAIS. In addition to NAIS, in pursuance of the budget announcement, a weather based crop insurance scheme has been launched on pilot basis. Varsha Bima, Coffee Insurance, Mango Insurance, Grapes Insurance etc

Saturday, November 24, 2007
Fortune 500 Companies1 Wal-Mart Stores2 Exxon Mobil3 Royal Dutch Shell4 BP5 General Motors6 Toyota Motor7 Chevron8 DaimlerChrysler9 ConocoPhillips10 Total11 General Electric12 Ford Motor13 ING Group14 Citigroup15 AXA16 Volkswagen17 Sinopec18 Crédit Agricole19 Allianz20 Fortis21 Bank of America Corp.22 HSBC Holdings23 American International Group24 China National Petroleum25 BNP Paribas26 ENI27 UBS28 Siemens29 State Grid30 Assicurazioni Generali31 J.P. Morgan Chase & Co.32 Carrefour33 Berkshire Hathaway34 Pemex35 Deutsche Bank36 Dexia Group37 Honda Motor38 McKesson39 Verizon Communications40 Nippon Telegraph & Telephone41 Hewlett-Packard42 International Business Machines43 Valero Energy44 Home Depot45 Nissan Motor46 Samsung Electronics47 Credit Suisse48 Hitachi49 Société Générale50 Aviva51 Cardinal Health52 Gazprom53 E.ON54 Royal Bank of Scotland55 Tesco56 Nestlé57 Deutsche Post58 HBOS59 Matsushita Electric Industrial60 Deutsche Telekom61 Morgan Stanley62 Metro63 Électricité de France64 U.S. Postal Service65 Petrobras66 UnitedHealth Group67 ABN AMRO Holding68 Peugeot69 Sony70 Merrill Lynch71 Altria Group72 Goldman Sachs Group73 LG74 Procter & Gamble75 Santander Central Hispano Group76 Hyundai Motor77 Telefónica78 Statoil79 Prudential80 Kroger81 BASF82 France Télécom83 Barclays84 Fiat85 Zurich Financial Services86 AT&T87 Boeing88 BMW89 AmerisourceBergen90 Repsol YPF91 Toshiba92 Marathon Oil93 State Farm Insurance Cos.94 Costco Wholesale95 Vodafone96 Target97 UniCredit Group98 SK99 Mittal Steel100 Munich Re Group101 ThyssenKrupp102 Dell103 WellPoint104 Royal Ahold105 Suez106 RWE107 Nippon Life Insurance108 CNP Assurances109 Robert Bosch110 Lukoil111 Lloyds TSB Group112 Johnson & Johnson113 MetLife114 Sears Holdings115 Pfizer116 Saint-Gobain117 Renault118 Mitsubishi UFJ Financial Group119 Nokia120 Unilever121 Petronas122 EADS123 Dow Chemical124 Enel125 Nippon Oil126 Wells Fargo127 United Technologies128 United Parcel Service129 Walgreen130 Lowe's131 Wachovia Corp.132 Lehman Brothers Holdings133 Aegon134 Seven & I Holdings135 Indian Oil136 Tokyo Electric Power137 Time Warner138 A.P. Møller-Mærsk Group139 Microsoft140 Freddie Mac141 Groupe Auchan142 CVS/Caremark143 Motorola144 Fujitsu145 Sprint Nextel146 Mitsubishi147 GlaxoSmithKline148 Medco Health Solutions149 Tyco International150 Mitsui151 Caterpillar152 AEON153 Groupe Caisse d'épargne154 Hon Hai Precision Industry155 Safeway156 Telecom Italia157 Dai-ichi Mutual Life Insurance158 Bayer159 NEC160 Lockheed Martin161 Royal Philips Electronics162 Legal & General Group163 Banco Bilbao Vizcaya Argentaria164 BT165 DZ Bank166 Deutsche Bahn167 Supervalu168 Novartis169 Sanofi-Aventis170 Industrial & Commercial Bank of China171 Nippon Steel172 Caremark Rx173 Old Mutual174 Archer Daniels Midland175 Rabobank176 Sunoco177 Millea Holdings178 Veolia Environnement179 Best Buy180 China Mobile Communications181 Allstate182 Canon183 Intel184 PepsiCo185 Volvo186 Mizuho Financial Group187 Franz Haniel188 Roche Group189 Gaz de France190 Koç Holding191 Walt Disney192 China Life Insurance193 Bouygues194 Sumitomo Mitsui Financial Group195 Anglo American196 Mitsubishi Electric197 Vinci198 Sysco199 Prudential Financial200 J. Sainsbury201 Johnson Controls202 Sumitomo Life Insurance203 FedEx204 Foncière Euris205 BHP Billiton206 Swiss Reinsurance207 PTT208 Royal Bank of Canada209 Honeywell International210 Ingram Micro211 Marubeni212 Norsk Hydro213 Alcoa214 Denso215 Bank of China216 Commerzbank217 Northrop Grumman218 Centrica219 Manulife Financial220 Meiji Yasuda Life Insurance221 Nippon Mining Holdings222 Air France-KLM Group223 La Poste224 Banco Bradesco225 DuPont226 Hess227 Macy's228 Korea Electric Power229 Samsung Life Insurance230 China Construction Bank231 KDDI232 Cisco Systems233 New York Life Insurance234 George Weston235 Woolworths236 Standard Life Assurance237 China Southern Power Grid238 JFE Holdings239 National Australia Bank240 Mazda Motor241 Coles Group242 SNCF243 American Express244 POSCO245 Suzuki Motor246 KBC Group247 TIAA-CREF248 Sharp249 Power Corp. of Canada250 Washington Mutual251 Hartford Financial Services252 AstraZeneca253 Delphi254 Sumitomo255 Bunge256 TUI257 Mitsubishi Heavy Industries258 Endesa259 Bridgestone260 Comcast261 Adecco262 Landesbank Baden-Württemberg263 Aetna264 Tyson Foods265 HCA266 News Corp.267 Wolseley268 Idemitsu Kosan269 Reliance Industries270 Vivendi271 Travelers Cos.272 Lufthansa Group273 ABB274 Massachusetts Mutual Life Insurance275 China Telecommunications276 Delhaize Group277 Agricultural Bank of China278 Countrywide Financial279 Danske Bank Group280 General Dynamics281 Bertelsmann282 International Paper283 Magna International284 L.M. Ericsson285 Coca-Cola286 OMV Group287 Fujifilm Holdings288 Itaúsa-Investimentos Itaú289 Alcan290 Hutchison Whampoa291 Banco do Brasil292 Liberty Mutual Insurance Group293 CRH294 Raytheon295 Lafarge296 PPR297 Cepsa298 William Morrison Supermarkets299 Sinochem300 GasTerra301 Sabic302 3M303 San Paolo IMI304 Deere305 East Japan Railway306 BAE Systems307 Baosteel Group308 Merck309 Itochu310 Halliburton311 AMR312 Abbott Laboratories313 Rio Tinto Group314 Scottish & Southern Energy315 Plains All American Pipeline316 Groupama317 Mitsubishi Chemical Holdings318 Nationwide319 Weyerhaeuser320 Lyondell Chemical321 Kansai Electric Power322 Compass Group323 Rosneft Oil324 Cosmo Oil325 Bharat Petroleum326 Publix Super Markets327 CPC328 Alliance Boots329 McDonald's330 América Móvil331 Tech Data332 Humana333 Sun Life Financial334 Poste Italiane335 Electronic Data Systems336 Hindustan Petroleum337 Intesa Sanpaolo338 Edeka Zentrale339 Northwestern Mutual340 Commonwealth Bank of Australia341 Michelin342 China Railway Engineering343 Cathay Financial Holdings344 Sumitomo Electric Industries345 RAG346 Wyeth347 Aisin Seiki348 Goodyear Tire & Rubber349 Kookmin Bank350 Emerson Electric351 Christian Dior352 J.C. Penney353 L'Oréal354 Coca-Cola Enterprises355 Vattenfall356 Sanyo Electric357 Bank of Nova Scotia358 Japan Airlines359 CVRD360 Toronto-Dominion Bank361 T&D Holdings362 Hochtief363 Constellation Energy364 CFE365 Otto Group366 UAL367 Apple368 AutoNation369 Oil & Natural Gas370 Schlumberger371 Corus Group372 Holcim373 U.S. Bancorp374 Hanwha375 MAN Group376 Australia & New Zealand Banking377 Occidental Petroleum378 Flextronics International379 SHV Holdings380 Chubu Electric Power381 Arcandor382 Mitsubishi Motors383 Alstom384 China Railway Construction385 China FAW Group386 Continental387 Bayerische Landesbank388 KT389 Sara Lee390 Mediceo Paltac Holdings391 Nippon Yusen392 Surgutneftegas393 Stora Enso394 Accenture395 Lagardère Groupe396 China State Construction397 Staples398 Cemex399 Mitsui Sumitomo Insurance400 Whirlpool401 Alcatel-Lucent402 Shanghai Automotive403 Tesoro404 British American Tobacco405 COFCO406 Bristol-Myers Squibb407 Lear408 Manpower409 Canadian Imperial Bank of Commerce410 Ricoh411 Express Scripts412 Groupe Danone413 ACS414 Xstrata415 Japan Tobacco416 Nomura Holdings417 TJX418 Rite Aid419 KFW Bankengruppe420 TNT421 National Grid422 Hyundai Heavy Industries423 Telstra424 Akzo Nobel425 Loews426 Schneider Electric427 Asustek Computer428 Swiss Life429 Delta Air Lines430 Nordea Bank431 EnCana432 PKN Orlen Group433 Skanska434 Onex435 China Minmetals436 Samsung437 Kimberly-Clark438 SK Networks439 Inbev440 Energie Baden-Württemberg441 Grupo Ferrovial442 Cie Nationale à Portefeuille443 Petro-Canada444 Japan Post445 Bear Stearns446 Cigna447 Quanta Computer448 Dominion Resources449 British Airways450 BCE451 Migros452 Paccar453 Electrolux454 Finmeccanica455 Kobe Steel456 Formosa Petrochemicals457 Jardine Matheson458 Marks & Spencer459 Lennar460 Sompo Japan Insurance461 Crédit Industriel & Commercial462 Komatsu463 Kajima 464 Westpac Banking465 Royal Mail Holdings466 Kingfisher467 Toyota Industries468 Carso Global Telecom469 China National Offshore Oil470 Taisei471 Henkel472 Neste Oil473 Duke Energy474 Nippon Express475 Gap476 Bank of Montreal477 Xerox478 Anheuser-Busch479 United States Steel480 FPL Group481 Eli Lilly482 Altadis483 Sodexho Alliance484 Exelon485 Linde Group486 Union Pacific487 Kohl's488 China Ocean Shipping489 Sumitomo Chemical490 Bank of Ireland Group491 S-Oil492 Capital One Financial493 Heraeus Holding494 Royal KPN495 State Bank of India496 D.R. Horton497 Office Depot498 Burlington Northern Santa Fe499 Nike500 Bombardier
Posted by Shujaath Ahmed Khan at 2:30 AM

Banks in Saudi Arabia
List of Banks operating in Saudi Arabia1 Al Rajhi Bank2 Banque Saudi Fransi 3 The National Commercial Bank4 Arab National Bank5 Riyad Bank6 The Saudi British Bank7 Bank AlBilad8 Samba Financial Group (Samba)9 Saudi Investment Bank10 Bank AlJazira11 Saudi Hollandi Bank12 Gulf International Bank(GIB)13 Emirates Bank (EB)14 National Bank of Bahrain (NBB)15 National Bank of Kuwait (NBK)16 Muscat Bank17 Deutsche Bank18 BNP Paribas19 J.P. Morgan Chase N.A20 National Bank Of Pakistan (NBP)21 State Bank of India(SBI)
Posted by Shujaath Ahmed Khan at 8:59 AM

1 comment:

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