Financial Year 2012-13 (27 MB) - The New India Assurance Co. Ltd.

Leadership and BeyondSUBMISSION OF ACCOUNTS BEFORE PARLIAMENTThe Ministry of Finance, Department of Financial Services, (Insurance Division) has confirmed that the AnnualReport of the Company for the Financial Year 2011-12 along with the Directors’ Report was placed before LokSabha on 07.12.2012 and Rajya Sabha on 06.12.2012 as per the requirement of Section 619A read with Section619B of the Companies Act, 1956.DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, the Board of Directors of theCompany hereby state and confirm that :a) in the preparation of the Annual Accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures.b) the Directors have selected accounting policies and applied them consistently and made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of theCompany at the end of financial year and of the profit of the Company for the year under review.c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Companyand for preventing and detecting fraud and other irregularities.d) the Directors have arranged preparation of the accounts for the financial year ended 31st March, 2013 on‘going concern’ basis.AWARDS AND ACCOLADESNew India has been showered with awards and recognitions in the year 2012-13, as many organizations andselection forums recognized the best in class performance of the company.• SKOCH Financial Inclusion Award 2012• SKOCH Certificate of Merit for IT• SKOCH Certificate of Merit for Micro Insurance• Best Health Insurer – By Outlook Money Magazine• Mauritius Branch received Best Claims Initiatives of the year, in Africa Leadership Award.• Dalal Street Investment Journal’s Public Sector Award for consistent performance in Non Banking FinancialSector.• BFSI Award for Underwriting initiative of the year (Organisers – CMO Council, Asian Confederation of business)These rich recognitions has increased company’s determination to excel in its operations and customer service.PLANS FOR 2013-14Domestic :The company has drawn an action plan for the financial year 2013-14 to improve its performance in all parameters.New India is strong in retaining its large corporate customers by following sound underwriting practices and strongtechnical support built over a period of time. Customer service is the top most priority of the company in underwritingthe Business, prompt issuance of policies and settlement of claims through various claims hubs. The company hasANNUAL REPORT75