|
Allianz
Lanka sets up D & O specialised unit
 Allianz
Insurance Lanka Ltd. has launched a new business unit, to
provide Directors and Officers’ (D&O) liability insurance, to
private and public corporates. The launch of the new business
unit, comes in the wake of several new non-life policies,
launched recently. Parent company Allianz SE’s AA credit rating,
financial strength, global capabilities and prominent brand,
make it a strong D&O insurance choice, from the outset.
The new unit is managed by Dilani De Silva, who received
specialised training in this area, at Allianz Reinsurance Asia
Pacific, the Allianz Singapore office, which is the main
reinsurance hub for the region. Ms De Silva, has extensive
experience in non-life insurance, having worked several years,
in a technical capacity in the Middle East. “Unlike typical D&O
underwriting operations in this country, we have a tremendous
advantage, in providing D&O coverage to corporates. We are able
to deliver a complete service, and have consolidated operations
and underwriting authority, with our regional offices, which
enables us to function as a ‘one stop shop’, with responsiveness
and efficient, speedy delivery. This enables our clients, to
obtain the entire cover directly from us, at more competitive
terms, “she explained.
Increasing corporate governance and regulatory surveillance, is
placing greater pressure on company directors and officers, to
perform meticulously. In recent years, Directors and Officers
liability insurance, has become a core component of corporate
insurance. As many as 95% of Fortune 500 companies, maintain
Directors and Officers (“D&O”) Liability insurance today.
D & O Liability insurance, is also becoming increasingly
important for Sri Lankan companies now, due to the
implementation of the New Companies Act 2007, which clearly
outlines, the duties and responsibilities of a Director or
Officer, and also sets out the repercussions of breaching such
duties.
Dulani De Silva reiterated this, “Directors and officers
worldwide make decisions every day, which have far-reaching
consequences. They face increasing exposure to personal
liability, which directly affects their professional reputation
and personal assets. Personal liability exposure for directors
of public companies, is greater than ever, in the light of the
recently enacted legislation. With D&O Insurance, Allianz Lanka
provides a solution to protect them from exposure, resulting
from their professional performance. Allianz’s corporate might
and global reach make our D& O product, very attractive to the
Sri Lankan market.“
The Allianz Director’s and Officer’s Liability cover insures
past, present and future Directors, Officers and employees in a
managerial/supervisory capacity of a Company and its
subsidiaries, against any wrongful acts committed, such as, the
breach of fiduciary duties after exercising due care and
diligence.
The insured are indemnified for defense costs and any legal
claims. A comprehensive Allianz D & O cover assists a company,
in attracting and retaining directors.
Directors and Officers Liability Insurance, provides financial
protection to the directors and officers of a company, and
covers damages or defense costs in the event, they are sued for
wrongful acts, while working for that company. Directors and
Officers can be held responsible for a range of issues,
including health and safety, data protection, maintaining
satisfactory accounts, fraud and negligence, harassment and
discrimination suits. Implication of wrongful acts could lead to
imprisonment, loss of reputation and even loss of personal
assets of Directors/Officers. Typical sources of claims include
shareholders, shareholder-derivative actions, clients.
regulators and competitors (for anti-trust or unfair trade
practice allegations) and even employees.
Allianz Insurance Lanka provides commercial insurance to large
public and private companies and individuals, and will launch
its Life insurance arm as well, very shortly. It is a fully
owned subsidiary of Munich, headquartered conglomerate Allianz,
one of the leading global financial service providers, which
offers a range of financial and insurance products to its 60
million clients, in over 70 countries and has assets under
management of approximately US $1.25 trillion.
****
DVB’s
‘Avurudu Ganu Denu’ campaign - an instant success
 DFCC
Vardhana Bank (DVB), the everyday banking unit of DFCC Bank,
recently concluded a successful savings campaign for the Sinhala
and Tamil Avurudu promotional week, as part of their Avurudu
Ganu Denu campaign. This campaign, from a bank that is ranked
as, one of the fastest growing Commercial Banks in Sri Lanka,
saw large numbers of new and existing customers, eager to open
up new accounts, to avail themselves of this very special
seasonal offer.
The promotion, launched during the bank’s ‘Vardhana Ganu Denu
Sathiya’ held from April 14-22, 2008, was launched with the idea
of offering short term benefits, such as instant rewards on
deposits, while long term benefits are obtained over time. The
offer was an immediate success, with a number of new accounts
being opened in all DVB branches island-wide. By offering
customers access to a high interest ‘Mega Bonus Savings Account’
or a ‘Dhana Vardhana Fixed Deposits’, the bank’s main objective
was to ensure prosperity, to its large family of customers, by
promoting a smart savings practice amongst them. In addition, to
offer more value to this very seasonal offer, all customers were
awarded with instant rewards.
Commenting on the excellent response the bank received for its
Avurudu campaign this year, L.G Perera, Managing Director, DFCC
Vardhana Bank stated, “We are overwhelmed by the instant success
of the campaign, this year. We hope to continue triumphant
seasonal promotions of this caliber, as an annual event. By
offering customers exciting savings campaigns, along with
instant rewards, we hope to showcase to our customers, how
beneficial this savings campaign is”.
**** Sampath
Bank arrives at Mawathagama Sampath
Bank’s newest branch was recently opened at No.95, Kurunegala
Road, Mawathagama. The branch is therefore, connected to its
island-wide network of electronically linked branches providing
the most advanced banking services.
This new location would provide customers the convenience of
enjoying easy access as they go about their busy schedules and
the customers in and around Mawathagama will be offered an array
of facilities with a view to providing a better and enhanced
level of service. ****
Ceylinco Life declares
record Rs. 1.2 billion in annual bonuses Life
insurance leader Ceylinco Life declared a colossal Rs 1.2
billion in annual bonuses to 270,000 policyholders from the
surplus generated by its Life Fund in 2007.
As much as 90 per cent of the surplus generated from the
participating business has been reserved for payment of bonuses
to participating policies this year, the company announced this
week.
This year’s bonus payout reflects an increase of 24.6 per cent
over the Rs. 955 million paid by the company last year.
All policyholders, whose policies were active as at December 31,
2007, are eligible to receive these bonuses.
These bonuses are in addition to Ceylinco Life’s ‘Avurudu’ cash
bonuses paid out one week before the national New Year. This
year, Ceylinco Life paid out Rs.19 million in cash bonuses to
policyholders who completed 10 and 15 years with the company.
“The noteworthy growth of our bonus payout year on year reflects
the company’s sector-leading growth momentum,” Ceylinco Life
Director Amali Seneviratne said. “We have ensured that our
policyholders’ investments in life insurance consistently yield
good returns.”
According to the statutory actuarial valuation of Ceylinco
Life’s Life Fund by the eminent independent international
consulting actuaries, Messrs Watson Wyatt Worldwide, the
company’s Life Fund stood at Rs.16.8 billion at the end of 2007,
indicating a healthy growth of 21 per cent during the year.
The life solvency margin (the difference between the value of
admissible assets and liabilities) maintained by Ceylinco Life’s
Life Fund is more than three times that stipulated by the
Insurance Industry Act, the company disclosed.
“Ceylinco Life declares bonuses from the very first year of
issue of a policy, enabling even a policyholder who obtained a
policy in December 2007 to receive a bonus allotment as at
December 31,” Ceylinco Life Director Amali Seneviratne said.
Sri Lanka’s most successful life insurer, Ceylinco Life also
offers its policyholders multiple benefits such as ‘Pranama’
scholarships for policyholders’ children, ‘65-plus’ free medical
cover, ‘Aloka’ educational grants for children of deceased
policyholders, home loans and free medical check-ups. Ceylinco
Life ended 2007 with premium income of Rs.6.8 billion, an
increase of more than Rs.1.1 billion over the previous year.
**** ComBank
ATMs dispense record Rs 1.32 billion in 3 days
Cash flowed freely in Sri Lanka during the ‘Avurudu’ weekend
this year, thanks to Commercial Bank’s extensive island-wide
automated teller (ATM) network.
The 311 machines of the country’s largest on-line cash
dispensing system coughed up a staggering Rs. 1321.5 million
between April 11th and 13th as the island went in to holiday
mode to celebrate the Sinhala and Tamil New Year, Sri Lanka’s
leading private sector bank reports.
Popularly branded ‘CAT’ (Commercial Automated Teller), the
machines processed more than 228,000 withdrawals in this period,
dispensing Rs. 628.9 million on April 11, Rs. 580.5 million the
following day and Rs. 112 million on day three, the bank said.
“There can be no better demonstration of Commercial Bank’s
involvement in the lives of the people of Sri Lanka,” the Bank’s
Chief Operating Officer Ravi Dias said. “This in itself is a
justification, if any is needed, of the Bank’s heavy investment
in technology and network expansion.”
“This all-time record also illustrates the robustness and
technical capability of our ATM network under heavy pressure,”
Dias pointed out.
Commercial Bank recently began issuing ‘instant’
over-the-counter ATM cum debit cards to customers at the point
of opening savings or current accounts. The Bank currently has
more than 1.3 million ATM cards in circulation. On average, its
ATM network processes more than 1.7 million transactions a month
and dispenses more than Rs. 270 million a day.
Customers of Commercial Bank are given the option of setting
their own ATM withdrawal limits up to a maximum of Rs. 100,000 a
day, and a point-of-sale limit of up to Rs. 500,000, provided
funds are available in their accounts. ****
NSB introduces the
easiest and the most trusted way
to send money from Korea National Savings Bank (NSB),
as its national duty, mobilises funds from the general public
and invests these funds in profitable ventures and are also
involved in collecting foreign remittances from proper legal
channels - from those who are employed abroad and all these
activities are performed to benefit the Sri Lankan economy
immensely.
S. H. Piyasiri, General Manager and CEO, NSB said that NSB
launches various campaigns towards achieving these goals. He
said that from April 25, 2008, for the 1st time in Sri Lanka,
the National Savings Bank introduced a low cost, fast and
convenient system of sending money from Korea to Sri Lanka, that
would offer additional benefits to prospective customers who
open NRFC/RFC Accounts with NSB or send money from Korea.
The National Savings Bank has joined hands with Korea Post, the
biggest post office network in Korea, consisting of 3000 post
offices.
Lowest Cost -
Since both parties are operating as government organisations,
and the remittance system is a web based electronic system, the
cost would be 2/3 lesser then the cost involved in other
systems.
Fastest -
Within just two days the money can be sent. This is an
electronic money order system and since all the branches are
linked together, information is transmitted very fast.
Trusted -
Both The National Savings Bank and The Korea Post are government
organisations. This will ensure the trust and also the National
Savings Bank is the only bank which holds the fully government
guarantee for both the deposit and the interest.
Convenient -
Korea Post has 3000 post offices in South Korea. The network is
the largest in Korea. This will make it very easy for the Sri
Lankans to make their deposits. Also, NSB has 134 branches and
over 4500 post office networks to pay the money in Sri Lanka.
The additional benefits that would accrue with the opening of
these accounts are: highest attractive interest rates; special
benefits for housing loans including - lower interest rates for
housing loans; reduced deposit period for eligibility for
housing loans under the Ranmasu Savers Housing loans scheme;
express loan within 24 business hours, option of online opening
of NSB/NRFC accounts etc.
Other facilities generally enjoyed by NRFC/RFC account holders
are: standing orders to Rupee Accounts without commission; rupee
loans up to 90 percent of the NRFC/RFC account balance at
attractive rates of interest; personal loans at concessionary
rates of interest; gratuity payments up to Rs.1,000,000;
interest earned on NRFC/RFC accounts exempted from taxes etc.
Piyasiri, said that one of the main objectives of the present
system is to make the remittance much easier to the Sri Lankan
nationals working in Korea.
He said that in this business, NSB is quite new and the Central
Bank permitted them to get the deposits for NRFC Accounts only
in 2005. He said that people are now aware the NSB could offer
this facility and the progress of the account is very much up to
target.
If those who go abroad for employment wish to open accounts at
NSB, all that the person should do, before going abroad, is
visit the International Division or any branch of NSB, complete
an account opening form and obtain an account number or they can
open up an account through the web
www.nsb.lk
A Ranmasu NRFC card that contains details required for remitting
funds will be issued. On receipt of the first remittance, the
account would be activated. If someone is already abroad, a
letter/e-mail could be sent to NSB or telephone them requesting
an account opening form. The forms would be mailed to the given
address. The form is also available on their website. On receipt
of the completed form together with draft/remittance, the
account would be opened and a Ranmasu NRFC card is mailed. Any
number of accounts could be opened by a person.
**** PABC’s
29th fully fledged branch in Wellawatte |
