A

PROJECT REPORT
ON
“MARKETING OF INSURANCE
IN RETAIL SECTOR AND PUBLIC SURVEY

SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY
IN PARTIAL FULFILMENT OF THE COURSE
BACHELOR OF BUSINESS ADMINISTRATION
(INTERNATIONAL BUSINESS)
BY
YUVRAJ TUKARAM
BOKARE SEAT NO:
B.B.A.-IB Sem-V

UNDER THE GUIDANCE OF PROJECT GUIDE

Asst. Prof. Smita Koppal

MARATHAWADA MITRA MANDAL’s COLLEGE OF

COMMERCE, PUNE 302/A, DECCAN GYMKHANA, PUNE-
411004
YEAR 2022-23

0
 DECLARATION
This is to certify that the project-work titled ‘Marketing of insurance In retail
sector and public survey’ has been completed satisfactorily and submitted in
partial fulfillment of Bachelor Degree in Business Administration
(International Business) of Savitribai Phule Pune University for the academic
year 2022-2023 by the following student of MARATHAWADA MITRA
MANDAL’s COLLEGE OF COMMERCE, PUNE 411004. My intention to
understanding this project lies towards enhancing my knowledge in the field of
Legal Dimension in International Marketing

PROJECT GUIDE HOD PRINCIPAL

Asst. Prof. Smita Koppal Dr. Ashwini Kulkarni Dr. Devidas Golhar

1
 ACKNOWLEDGEMEN

I would like to express my sincere thanks to the Savitribai Phule Pune

University and Principal- Dr DEVIDAS GOLHAR, Head of Department- Dr.
Ashwini Kulkarni, and Marathwada Mitra Mandal’s college of Commerce for
giving me the opportunity to prepare and present this report.
“There is a good saying that the work is successfully completed if the person is
guided properly at the right time by the right person”, with that the good
opportunities that we receive as well as the efficient supervision and the most
valuable the internal guidance.
Hereby, I would like to express my deep gratitude towards our ‘Asst. Prof.
Smita Koppal, who helped and guide me in project work. Her encouragement
and whole-hearted co-operation throughout the progress helped me in
completion of project.
Last but not the least I would like to thank my family and friends for their
encouragement and direct or indirect support in completion of the project.

Yuvraj Bokare

TYBBA-IB (Legal Dimension in International Marketing)

2
 CONTENTS

Sr.
No Particulars Page No

1. Part (A) 4

2. Introduction 39

3. Executive Summary 41

4. Company Profile 45

5. Industry Profile 54

6. Objective 62

7. Research methodology 64

8. Data Collection 72

9. Data Analysis 80

10. Conclusion 99

11. Suggestion 101

12. Bibliography 103

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 PART (A)

◾ Write note on international commercial arbitration

and enforcement of foreign awards.
➔ Under the Arbitration and Conciliation (Amendment) Act, 2015. There
are two avenues available for the enforcement of foreign awards in
India, viz., the New York Convention and the Geneva Convention, as
the case may be.
A. Enforcement under the New York Convention
Sections 44 to 52 of the Arbitration and Conciliation (Amendment) Act,
2015deals with foreign awards passed under the New York Convention.
The New York Convention defines "foreign award" as an arbitral award
on differences between persons arising out of legal relationships, whether
contractual or not, considered as commercial under the law in force in
India,made on or after the 11th day of October, 1960-
 In pursuance of an agreement in writing for arbitration to which
the Convention set forth in the First Schedule applies, and
 In one of such territories as the Central Government, being satisfied that
reciprocal provisions have been made may, by notification in the
Official Gazette, declare to be territories to which the said Convention
applies. From the above-mentioned conditions, it is clear that there are
two prerequisitesfor enforcement of foreign awards under the New York
Convention. These are:
 The country must be a signatory to the New York Convention.
 The award shall be made in the territory of another contracting state
which is a reciprocating territory and notified as such by the Central
Government.
Section 47 provides that the party applying for the enforcement of a
foreign award shall, at the time of the application, produce before the
court (a) original award or a duly authenticated copy thereof; (b) original
arbitration agreement ora duly certified copy thereof; and (c) any
evidence required to establish that the award is a foreign award. As per
the new Act, the application for enforcementof a foreign award will now
only lie to the High Court
.

4
 Once an application for enforcement of a foreign award is made, the other
partyhas the opportunity to file an objection against enforcement on the
grounds recognized under Section 48 of the Act. These grounds include:
 The parties to the agreement referred to in section 44 were, under the
law applicable to them, under some incapacity, or the said agreement is
not valid under the law to which the parties have subjected it or, failing
any indication thereon, under the law of the country where the award
was made; or
 The party against whom the award is invoked was not given proper
noticeof the appointment of the arbitrator or of the arbitral
proceedings or was otherwise unable to present his case; or
 The award deals with a difference not contemplated by or not falling
within the terms of the submission to arbitration, or it contains decisions
on matters beyond the scope of the submission to arbitration: Provided
that, if the decisions on matters submitted to arbitration can be separated
from those not so submitted, that part of the award which contains
decisions on matters submitted to arbitration may be enforced; or

 The composition of the arbitral authority or the arbitral procedure was

5
 notin accordance with the agreement of the parties, or, failing such
agreement, was not in accordance with the law of the country where the
arbitration took place; or
 The award has not yet become binding on the parties, or has been set
aside or suspended by a competent authority of the country in which,
or under the law of which, that award was made.
 The subject-matter of the difference is not capable of settlement
by arbitration under the law of India; or
 The enforcement of the award would be contrary to the public policy
of India.
The Amendment Act has restricted the ambit of violation of public policy
forinternational commercial arbitration to only include those awards that
are: (i)affected by fraud or corruption, (ii) in contravention with the
fundamental policy of Indian law, or (iii) conflict with the notions of
morality or justice.
It is further provided that if an application for the setting aside or
suspension of the award has been made to a competent authority, the
Court may, if it considers it proper, adjourn the decision on the
enforcement of the award and may also, onthe application of the party
claiming enforcement of the award, order the other party to give suitable
security.
Section 49 provides that where the Court is satisfied that the foreign
award is enforceable under this Chapter, the award shall be deemed to
be a decree of thatCourt.
B. Enforcement under the Geneva Convention

Sections 53-60 of the Arbitration and Conciliation (Amendment) Act,

2015contains provisions relating to foreign awards passed under the
Geneva Convention.
As per the Geneva Convention, "foreign award" means an arbitral award
on differences relating to matters considered as commercial under the law
in forcein India made after the 28th day of July, 1924 :-
 In pursuance of an agreement for arbitration to which the Protocol
setforth in the Second Schedule applies, and
 Between persons of whom one is subject to the jurisdiction of some one
of such Powers as the Central Government, being satisfied that
reciprocal

6
 provisions have been made, may, by notification in the Official Gazette,
declare to be parties to the Convention set forth in the Third Schedule,
and of whom the other is subject to the jurisdiction of some other of the
Powers aforesaid, and
 In one of such territories as the Central Government, being satisfied that
reciprocal provisions have been made, by like notification, declare to be
territories to which the said Convention applies, and for the purposes
ofthis Chapter, an award shall not be deemed to be final if any
 Proceedings for the purpose of contesting the validity of the award are
pending in any country in which it was made.
Section 56 provides that the party applying for the enforcement of a
foreign award shall, at the time of the application, produce before the
court (a) original award or a duly authenticated copy thereof; (b) evidence
proving that the awardhas become final and (c) evidence to prove that the
award has been made in pursuance of a submission to arbitration which is
valid under the law applicablethereto and that the award has been made
by the arbitral tribunal provided for inthe submission to arbitration or
constituted in the manner agreed upon by the parties and in conformity
with the law governing the arbitration procedure. As per the new Act, the
application for enforcement of a foreign award will now only lie to the
High Court. A pro-arbitration stance ensures individuals of their rights
being protected. Given that arbitration as a means of dispute resolution is
gaining popularity at a tremendous level, the judiciary needs to develop
principles that would promote such ideas in the country.

The conditions for enforcement of foreign awards under the Geneva

7
 Conventionare provided under Section 57 of the Arbitration and
Conciliation Act, 1996.
These are as follows:

 The award has been made in pursuance of a submission to

arbitration which is valid under the law applicable thereto;
 The subject-matter of the award is capable of settlement by
arbitration under the law of India;
 The award has been made by the arbitral tribunal provided for in the
submission to arbitration or constituted in the manner agreed upon by
the parties and in conformity with the law governing the arbitration
procedure;
 The award has become final in the country in which it has been made,
in the sense that it will not be considered as such if it is open to
opposition or appeal or if it is proved that any proceedings for the
purpose of contesting the validity of the award are pending;
 The enforcement of the award is not contrary to the public policy or
the law of India.
The Amendment Act has restricted the ambit of violation of public policy
forinternational commercial arbitration to only include those awards that
are: (i)affected by fraud or corruption, (ii) in contravention with the
fundamental policy of Indian law, or (iii) conflict with the notions of
morality or justice.
However, the said section lays down that even if the aforesaid conditions
are fulfilled, enforcement of the award shall be refused if the Court is
satisfied that-
 The award has been annulled in the country in which it was made;
 The party against whom it is sought to use the award was not given
noticeof the arbitration proceedings in sufficient time to enable him
to present his case; or that, being under a legal incapacity, he was not
properly represented;
 The award does not deal with the differences contemplated by or
falling within the terms of the submission to arbitration or that it
contains decisions on matters beyond the scope of the submission to
arbitration: Provided that if the award has not covered all the
differences submitted

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 tothe arbitral tribunal, the Court may, if it thinks fit, postpone such
enforcement or grant it subject to such guarantee as the Court may
decide.
Furthermore, if the party against whom the award has been made proves
that under the law governing the arbitration procedure there is any other
ground, entitling him to contest the validity of the award, the Court may,
if it thinks fit, either refuse enforcement of the award or adjourn the
consideration thereof, giving such party a reasonable time within which
to have the award annulled bythe competent tribunal.
Section 58 provides that where the Court is satisfied that the foreign
award is enforceable under this Chapter, the award shall be deemed to
be a decree of theCourt.

OUTLOOK

The design of the new Act is based on the premise that it will provide an
efficient and swift method of dispute resolution for both the domestic as
well asinternational investors. It is opposite to quote Sir LJ Earl Warren,
"It is the spiritand not the form of law that keeps justice alive."
Although there have been judgements which have disturbed the calm
waters of the arbitration, the cumulative endeavour should be to
preserve the spirit underlying the Act which is precisely the objective of
the new amendment Act. With a surge in the business opportunities and
entrepreneurship in India, it is only proper to
anticipate proper implementation of the Act in harmony with the
UNCITRALArbitration Rules which forms the foundation of the Act.

9
 The Geneva Convention, "foreign award" means an arbitral award on
differences relating to matters considered as commercial under the law in
forcein India made after the 28th day of July, 1924.
Since each country has the authority to decide the standard of public
policy for itself, several issues arise in the question of international
public policy rather than in domestic public policy. This might be so
because an award arising out ofinternational commercial arbitration may
be declared in one country and seek execution in another. In most of the
cases, the Tribunal may not have competentknowledge regarding the
public policy standards used in the country where the award has to be
executed. Public policy has been aptly described in an English case as “a
very unruly horse, and when once you get astride it you never know
where it will carry you”. It has been so described because of the
unexpected turnit might take while the domestic courts are dealing with
the question of their State’s public policy. Complete State autonomy over
this issue allows them to move this law in any direction and prescribe
any standards to be followed.
◾ Trade related institution: WTO, UNCTAD and IMF,
Explain.

WTO
WORLD TRADE ORGANISATIONS

The World Trade Organization (WTO) is the only global international

organisation dealing with the rules of trade between nations. At its heart
are theWTO agreements, negotiated and signed by the bulk of the world’s
trading nations and ratified in their parliaments. The goal is to help
producers of goodsand services, exporters, and importers conduct their
business.The World Trade Organization (WTO) is an intergovernmental
organisation that regulates and facilitates international trade. With
effective cooperation in the United Nations System, governments use the
organisation to establish, revise, and enforce the rules that govern
international trade.It officially commenced operations on 1 January 1995,
pursuant to the 1994 Marrakesh Agreement, thus replacing the General
Agreement on Tariffs and Trade (GATT) that had been established in
1948. The WTO is the world's largest international economic
organisation, with164 member states representing over 98% of global
trade and global

1
 GDP.
The WTO facilitates trade in goods, services and intellectual property
among participating countries by providing a framework for negotiating
trade agreements, which usually aim to reduce or eliminate tariffs, quotas,
and other restrictions; these agreements are signed by representatives of
member governments fol.9–10  and ratified by their legislatures. The
WTO also administers independent dispute resolution for enforcing
participants' adherenceto trade agreements and resolving trade-related
disputes. The organization prohibits discrimination between trading
partners, but provides exceptions for environmental protection, national
security, and other important goals.
The WTO is headquartered in Geneva, Switzerland. Its top decision-
making body is the Ministerial Conference, which is composed of all
member states andusually convenes biennially; consensus is emphasised
in all decisions.
Day-to-day functions are handled by the General Council, made up of
representatives from all members. A Secretariat of over 600 personnel,
led by the Director-General and four deputies, provides administrative,
professional, and technical services. The WTO's annual budget is roughly
220 million USD,which is contributed by members based on their
proportion of international trade.
Studies show the WTO has boosted trade and reduced trade barriers. It
has also influenced trade agreements generally; a 2017 analysis found
that the vast majority of preferential trade agreements (PTAs) up to that
point explicitly reference the WTO, with substantial portions of text
copied from WTO agreements. Goal 10 of the United Nations
Sustainable Development Goals alsoreferenced WTO agreements as
instruments of reducing inequality. However, critics contend that the
benefits of WTO- facilitated free trade are not shared equally, citing the
outcomes of negotiations and data showing a continually widening gap
between rich and poor nations.

★ FUNCTIONS:
Promotion of growth by facilitating trade is the most important function
of WTO. Other important functions include:
● It oversees the implementation, administration and operation of the
covered agreements (with the exception is that it does not enforce
any

1
 agreements when China came into the WTO in Dec 2001)
● It provides a forum for negotiations and for settling disputes.
Additionally, it is WTO's duty to review and propagate the national
trade policies and to ensure the coherence and transparency of trade
policies throughsurveillance in global economic policy-making. Another
priority of the WTO isthe assistance of developing, least-developed and
low- income countries in transition to adjust to WTO rules and
disciplines
through technical cooperationand training.

1. The WTO shall facilitate the implementation, administration, and

operation and further the objectives of this Agreement and the
Multilateral Trade Agreements, and shall also provide the framework for
the implementation, administration, and operation ofthe multilateral
Trade Agreements.

2. The WTO shall provide the forum for negotiations among its
members concerning their multilateral trade relations in matters dealt
with under the Agreement in the Annexes to this Agreement.

3. The WTO shall administer the Understanding on Rules

andProcedures Governing the Settlement of Disputes.

4. The WTO shall administer a Trade Policy Review Mechanism.

5. to achieve greater coherence in global economic policymaking,

theWTO shall cooperate, as appropriate, with the International
Monetary Fund (IMF) and with the International Bank forReconstruction
and Development (IBRD) and its affiliatedagencies.
The above five listings are the additional functions of the World Trade
Organization. As globalisation proceeds in today's society, the necessity
of an International Organization to manage the trading systems has been
of vital importance. As the trade volume increases, issues such as
protectionism, trade barriers, subsidies, violation of intellectual property
arise due to the differences in the trading rules of every nation. The
World Trade Organization serves as themediator between the nations
when such problems arise. WTO could be referredto as the product of

1
globalisation and also as one of the most important organisations in
today's globalised society.
The WTO is also a centre of economic research and analysis: regular
assessments of the global trade picture in its annual publications and
research reports on specific topics are produced by the organisation.
Finally, the WTO cooperates closely with the two other components of
the Bretton Woods system,the IMF and the World Bank.
★ DECISION MAKING :
The WTO describes itself as "a rules-based, member-driven
organisation—all decisions are made by the member governments, and
the rules are the outcomeof negotiations among members". The WTO
Agreement foresees votes where consensus cannot be reached, but the
practice of consensus dominates the process of decision-making.
Richard Harold Steinberg (2002) argues that although the WTO's
consensus governance model provides law-based initial bargaining,
trading rounds closethrough power-based bargaining favouring Europe
and the U.S., and may notlead to Pareto improvement.

1
 ★ ORGANISATIONAL STRUCTURE:
The highest authority of the WTO is the Ministerial Conference, which must
meet at least every two years.The Ministerial Conference met most recently in
June 2022 in Geneva.
In between each Ministerial Conference, the daily work is handled by three
bodies whose membership is the same; they only differ by the terms of
reference under which each body is constituted.
● The General Council
● The Dispute Settlement Body
● The Trade Policy Review Body
The General Council, whose Chair as of 2020 is David Walker of New
Zealand, has the following subsidiary bodies which oversee committees in
different areas:
Council for Trade in Goods
There are 11 committees under the jurisdiction of the Goods Council each
with a specific task. All members of the WTO participate in the
committees. The Textiles Monitoring Body is separate from the other
committees but stillunder the jurisdiction of the Goods Council. The body
has its chairman and only 10 members. The body also has several groups
relating to textiles.
Council for Trade-Related Aspects of Intellectual Property
Rights
Information on intellectual property in the WTO, news and official
records ofthe activities of the TRIPS Council, and details of the WTO's
work with other international organisations in the field.
Council for Trade in Services
The Council for Trade in Services operates under the guidance of the
GeneralCouncil and is responsible for overseeing the functioning of the
General Agreement on Trade in Services (GATS). It is open to all WTO
members and can create subsidiary bodies as required.
Trade Negotiations Committee
The Trade Negotiations Committee (TNC) is the committee that deals
with the current trade talks round. The chair is WTO's director-general.
As of June2012 the committee was tasked with the Doha Development
Round.
The Service Council has three subsidiary bodies: financial services,

1
domesticregulations, GATS rules, and specific commitments. The council
has severaldifferent committees, working groups, and working parties.]
There are committees on the following: Trade and Environment; Trade
and Development (Subcommittee on Least-Developed Countries);
Regional Trade Agreements; Balance of Payments Restrictions; and
Budget, Finance and Administration. There are working parties on the
following: Accession. There are working groups on the following: Trade,
debt and finance; and Trade and technology transfer.
As of 31 December 2019, the number of WTO staff on a regular budget is
338women and 285 men.

UNCTAD
UNITED NATIONS CONFERENCE ON TRADE AND
DEVELOPMENT

The United Nations Conference on Trade and Development (UNCTAD)

is anintergovernmental organisation within the United Nations Secretariat
that promotes the interests of developing countries in world trade. It was
established in 1964 by the United Nations General Assembly (UNGA)
and reports to that body and the United Nations Economic and Social
Council (ECOSOC). UNCTAD is composed of 195 member states and
works with nongovernmental organisations worldwide; its permanent
secretariat is in Geneva, Switzerland.
The primary objective of UNCTAD is to formulate policies relating to all
aspects of development, including trade, aid, transport, finance and
technology. It was created in response to concerns among developing

1
countries that existing international institutions like GATT (now replaced
bythe World Trade Organization), the International Monetary Fund
(IMF), and the World Bank were not properly organised to handle the
particular problems of developing countries; UNCTAD would provide a
forum where developing nations could discuss and address problems
relating to their economic development.
One of UNCTAD's principal achievements was conceiving and
implementing the Generalised System of Preferences (GSP), which
promotesthe export of manufactured goods from developing countries. In
the 1970s and 1980s, UNCTAD was closely associated with the New
International Economic Order (NIEO), a set of proposals that sought to
reduce economic dependency and inequality between developing and
developed countries.
UNCTAD conferences ordinarily take place every four years, with the
firstoccurring in Geneva in 1964; fifteen subsequent meetings have taken
placeworldwide, with the most recent held in Bridgetown, Barbados from
3–8 October 2021 (albeit virtually, due to the COVID-19 pandemic).
UNCTAD has 400 staff members and a biannual (2010–2011) regular
budgetof $138 million in core expenditures and $72 million in extra-
budgetary technical assistance funds. It is a member of the United
Nations Development Group, a consortium of UN entities that work to
promote sustainable socio economic development.

★ MEMBERSHIP
As of May 2018, UNCTAD has 195 member states: all UN members plus
UN observer states Palestine and the Holy See. UNCTAD members are
divided intofour categories based on United Nations Regional Groups,[5]
with six membersunassigned: Kiribati, Nauru, South Sudan, Tajikistan,
Tuvalu. List A consists mostly of countries in the African and Asia-
Pacific Groups of the UN. List B consists of countries of the Western
European and Others Group. List C consistsof countries of the Group of
Latin American and Caribbean States (GRULAC). List D consists of
countries of the Eastern European Group.
The lists, originally defined in 19th General Assembly resolution 1995[6]
serveto balance geographical distribution of member states'
representation on the Trade Development Board and other UNCTAD
structures. The lists are similarto those of UNIDO, an UN specialized
agency.
The most recent member is Palestine.The full lists are as follows:
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1. List A (99 members): Afghanistan, Algeria, Angola, Bahrain,
Bangladesh, Benin, Bhutan, Bosnia and Herzegovina, Botswana, Brunei
Darussalam, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde,
Central African Republic, Chad, China, Comoros, Côte d'Ivoire,
Republic of Congo, Democratic Republic of Congo, Djibouti, Egypt,
Equatorial Guinea, Eritrea, Eswatini, Ethiopia, Fiji, Gabon, Gambia,
Ghana, Guinea, Guinea-Bissau, India, Indonesia, Iran, Iraq, Israel,
Jordan, Kenya, Kuwait, Laos, Lebanon, Lesotho, Liberia, Libya,
Madagascar, Malawi, Malaysia, Maldives, Mali, Marshall Islands,
Mauritania, Mauritius, Micronesia, Mongolia, Morocco, Mozambique,
Myanmar, Namibia, Nepal, Niger, Nigeria, North Korea, Oman,
Pakistan, Palestine, Palau, Papua New Guinea, Philippines, Qatar,
Rwanda, Samoa, Sao Tome and Principe, Saudi Arabia, Senegal,
Seychelles, Sierra Leone, Singapore, Solomon Islands, Somalia, South
Africa, Sri Lanka, Sudan, Syria, Tanzania, Thailand, Timor-Leste, Togo,
Tonga, Tunisia, Turkmenistan, Uganda, United Arab Emirates, Vanuatu,
Viet Nam, Yemen, Zambia, Zimbabwe.
2. List B (32 members): Andorra, Australia, Austria, Belgium, Canada,
Cyprus, Denmark, Finland, France, Germany, Greece, Holy See,
Iceland, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Malta,
Monaco, Netherlands, New Zealand, Norway, Portugal, San Marino, South
Korea,Spain, Sweden, Switzerland, Turkey, United Kingdom, United States.
3. List C (33 members): Antigua and Barbuda, Argentina, Bahamas,
Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba,
Dominica, Dominican Republic, Ecuador, El Salvador, Grenada,
Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua,
Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint
Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay,
Venezuela.
4. List D (24 members): Albania, Armenia, Azerbaijan, Belarus, Bulgaria,
Croatia, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan,
Kyrgyzstan, Latvia, Lithuania, Montenegro, Poland, Moldova, Romania,
Russia, Serbia, Slovakia, Slovenia, Macedonia, Ukraine, Uzbekistan.
Not assigned countries (6 members): Kiribati, Nauru, South
Sudan,Tajikistan, Tuvalu.
Other states that do not participate are Cook Islands, Niue, and the states with
limited recognition.

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★ ACHIEVEMENT
One of UNCTAD's earliest and most notable accomplishments was the
formulation and implementation of GSP, which offered special tariff
concessions to exports of manufactured goods by developing countries.
Accepting this argument, the developed countries formulated the GSP scheme
under which manufacturers' exports and import of some agricultural goods
from the developing countries enter duty-free or at reduced rates in the
developed countries. Since imports of such items from other developed
countries are subject to the normal rates of duties, imports of the same items
from developingcountries would enjoy a competitive advantage.

★ CEO OF UNCTAD
Rebeca Grynspan, of Costa Rica, was appointed the eighth Secretary-
General ofUnited Nations Conference on Trade and Development
(UNCTAD) on 13 September 2021. She is the first woman to hold this
position in the history of the organization.
She is also coordinator of the Task Team of the Global Crisis Response

1
Group on Food, Energy and Finance set up by the UN Secretary-General
to help support developed and developing countries face the economic
shocks related tothe war in Ukraine.
Over the course of her career, Ms. Grynspan has held numerous high-
level positions.
Prior to her UNCTAD appointment, she was the Secretary-General of
the Ibero-American Conference from 2014 to 2021, the first woman to
lead theorganization.
She is also a former Under Secretary-General of the UN and Associate
Administrator of the UN Development Programme (UNDP), and a former
Regional Director for Latin America and the Caribbean.
Prior to joining the UN, she served as Vice President of Costa Rica from
1994to 1998. She also held the positions of Minister of Housing, Minister
Coordinator of Economic and Social Affairs and Deputy Finance Minister.
In addition, she was a member of the High-Level Panel on Financing for
Development.
A renowned advocate of human development, Ms. Grynspan has helped
to focus the world’s attention on relevant issues such as the reduction of
inequalityand poverty, gender equality, South-South cooperation as a tool
for development, and the achievement of the UN Sustainable
Development Goals, among others.
She was also a delegate to the UN Commission for the Reconstruction of
Haiti,a group consisting of the Haitian Government, the former President
of the United States, Bill Clinton, and other prominent international
partners.
In 2014 she was appointed chair of the Board of Trustees of the
International Institute for Environment and Development (IIED), a
leading global organization at the forefront of development and
environmental policy research.
Ms. Grynspan is a former member of the Governing Council of the
Society for International Development (SID), a global network of
individuals and professionals at the forefront of development, former
trustee of the ComplutenseInstitute for International Studies (ICEI), of the
Universidad Complutense in Madrid, and, prior in 2021 a Special
International Advisor to the newly created Economic and Social Council
of Argentina, appointed by the President of Argentina.
She was a former member of the International Labour Organization’s

1
Global Commission on the Future of Work; and a member of the
Advisory Board of theExpansión International Economic Forum 2021 .
In June 2014 she was appointed as chair of the Board of Trustees of the
International Institute for Environment and Development (IIED), one of
the most influential organisations worldwide in the field of policy
research, devotedto the study of the interface between development and
the environment.

In addition to her experience as a conference lecturer and advisor to a

number ofinternational organisations and institutions, she has been
actively involved in key UN initiatives, such as the Millennium Project’s
task force on poverty and economic development and the High-level
Panel on Financing for Development. In 2014 and 2015, she was
recognized as one of the 50 leading intellectuals of Latin America.
In 2019, the Spanish government granted her the highest honour awarded
to acivilian, the Gran Cruz de la Orden Civil de Alfonso X El Sabio and
in 2021, the President of Portugal awarded her the Grã Cruz da Ordem
do Infante D. Henrique in 2021.
In 2020 she received the Aquí Europa-Vocento Award as a Latin
American personality for her outstanding contribution to strengthening
Europe-Latin America relations.
She was recognized as one of the 100 most powerful women in Central

2
Americaby Forbes magazine in 2017, 2018, 2019 and 2020, and in
2017 she received theForbes Award for Excellence. In 2020 she
received the Gumersindo de Azcarate Award and the Woman of the
Year Award from the Women in a Legal World Association.
Ms. Grynspan holds a degree in economics from the University of Costa
Ricaand a master’s degree in economics from the University of Sussex.
She is currently member of the G20 High Level Independent Panel on
Financing theGlobal Commons for Pandemic Preparedness and
Response. She was awarded a Doctorate Honoris Causa by the University
of Salamanca,the University of Extremadura and the European University
of Madrid in recognition of her outstanding professional achievements.
IMF
International Monetary Fund (IMF)

The International Monetary Fund (IMF) is a major financial agency of

the United Nations, and an international financial institution,
headquartered in Washington, D.C., consisting of 190 countries. Its stated
mission is "working tofoster global monetary cooperation, secure
financial stability, facilitate international trade, promote high
employment and sustainable economic growth, and reduce poverty
around the world." Formed in 1944, started on 27 December 1945, at the
Bretton Woods Conference primarily by the ideas of Harry Dexter White
and John Maynard Keynes, it came into formal existence in1945 with 29
member countries and the goal of reconstructing the international
monetary system. It now plays a central role in the management of
balance of payments difficulties and international financial crises.
Countries contribute funds to a pool through a quota system from which
countries experiencing balance of payments problems can borrow money.
As of 2016, the fund had XDR 477 billion (about US$667 billion).The
IMF is regarded as the global lender of last resort.
Through the fund and other activities such as the gathering of statistics
and analysis, surveillance of its members' economies, and the demand for
particularpolicies, the IMF works to influence the economies of its
member countries.
The organisation's objectives stated in the Articles of Agreement are:to
promoteinternational monetary cooperation, international trade, high
employment, exchange-rate stability, sustainable economic growth, and

2
making resources available to member countries in financial difficulty.
IMF funds come from twomajor sources: quotas and loans. Quotas,
which are pooled funds of member nations, generate most IMF funds.
The size of a member's quota depends on its economic and financial
importance in the world. Nations with greater economicsignificance
have larger quotas. The quotas are increased periodically as a means of
boosting the IMF's resources in the form of special drawing rights.
The current managing director (MD) and Chairwoman of the IMF is
Bulgarian economist Kristalina Georgieva, who has held the post since
October 1, 2019. Indian-American economist Gita Gopinath, who
previously served as Chief Economist, was appointed as First Deputy
Managing Director, effective January21, 2022. Pierre-Olivier Gourinchas
replaced Gopinath as Chief Economist on January 24, 2022.

★ HISTORY OF IMF

The IMF was originally created in 1945 as part of the Bretton Woods
Agreement, which attempted to encourage international financial
cooperation byintroducing a system of convertible currencies at fixed
exchange rates. The dollar was redeemable for gold at $35 per ounce at
the time.
The IMF also acted as a gatekeeper: Countries were not eligible for
membershipin the International Bank for Reconstruction and
Development (IBRD)—a World Bank forerunner that the Bretton Woods
agreement created in order to fund the reconstruction of Europe after
World War II—unless they were members of the IMF.
Since the Bretton Woods system collapsed in the 1970s, the IMF has
promoted the system of floating exchange rates, meaning that market
forces determine thevalue of currencies relative to one another. This
system remains in place today.

★ IMF ACTIVITIES
The IMF's primary methods for achieving these goals are monitoring
capacitybuilding and lending.Surveillance
The IMF collects massive amounts of data on national economies,
internationaltrade, and the global economy in aggregate. The organisation
also provides regularly updated economic forecasts at the national and

2
 international levels.
These forecasts, published in the World Economic Outlook, are
accompanied bylengthy discussions on the effect of fiscal, monetary, and
trade policies on growth prospects and financial stability.
● Capacity Building
The IMF provides technical assistance, training, and policy advice to
membercountries through its capacity-building programs. These
programs include training in data collection and analysis, which feed
into the IMF's project of monitoring national and global economies.
● Lending
The IMF makes loans to countries that are experiencing economic
distress toprevent or mitigate financial crises. Members contribute the
funds for this lending to a pool based on a quota system. In 2019, loan
resources in the amount of SDR 11.4 billion (SDR 0.4 billion above
target) were secured to support the IMF’s concessional lending activities
into the next decade.
IMF funds are often conditional on recipients making reforms to increase
their growth potential and financial stability. Structural adjustment
programs, as theseconditional loans are known, have attracted criticism
for exacerbating poverty and reproducing the colonialist structures.

According to a 2002 study by Randall W. Stone, the academic literature

on theIMF shows "no consensus on the long-term effects of IMF
programs on growth".

★ IMPACT

2
Some research has found that IMF loans can reduce the chance of a future
banking crisis, while other studies have found that they can increase the
risk ofpolitical crises. IMF programs can reduce the effects of a currency
crisis.
Some research has found that IMF programs are less effective in
countries which possess a developed-country patron (be it by foreign aid,
membership of postcolonial institutions or UN voting patterns),
seemingly due to this patron allowing countries to flaunt IMF program
rules as these rules are not consistently enforced. Some research has
found that IMF loans reduce economicgrowth due to creating an
economic moral hazard, reducing public investment, reducing incentives
to create robust domestic policies and reducing private investor
confidence. Other research has indicated that IMF loans can have a
positive impact on economic growth and that their effects are highly
nuanced.

★ IMF AND GLOBALISATION

Globalisation encompasses three institutions: global financial markets
and transnational companies, national governments linked to each other
in economicand military alliances led by the United States, and rising
"global governments" such as World Trade Organization (WTO), IMF,
and World Bank. Charles Derber argues in his book People Before Profit,
"These interacting institutions create a new global power system where
sovereignty is globalised, taking powerand constitutional authority away
from nations and giving it to global markets and international bodies".
Titus Alexander argues that this system institutionalises global inequality
between western countries and the Majority World in a form of global
apartheid, in which the IMF is a key pillar.
The establishment of globalised economic institutions has been both a
symptomof and a stimulus for globalisation. The development of the
World Bank, the IMF, regional development banks such as the
European Bank for Reconstruction and Development (EBRD), and
multilateral trade institutions such as the WTO signals a move away
from the dominance of the state as the primary actor analysed in
international affairs. Globalisation has thus been transformative in terms
of limiting state sovereignty over the economy.

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★ ALTERNATIVES
In March 2011, the Ministers of Economy and Finance of the African
Union proposed to establish an African Monetary Fund.
At the 6th BRICS summit in July 2014 the BRICS nations (Brazil, Russia,
India, China, and South Africa) announced the BRICS Contingent Reserve
Arrangement (CRA) with an initial size of US$100 billion, a framework to
provide liquidity through currency swaps in response to actual or
potentialshort- term balance-of-payments pressures.
In 2014, the China-led Asian Infrastructure Investment Bank was established.

★ IN MEDIA

Life and Debt, a documentary film, deals with the IMF's policies'

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 influence onJamaica and its economy from a critical point of view.
Debtocracy, a 2011 independent Greek documentary film, also criticises
the IMF. Portuguese musician José Mário Branco's 1982 album FMI is
inspired by the IMF's intervention in Portugal through monitored
stabilisation programs in 1977–78.In the 2015 film, Our Brand Is Crisis,
the IMF is mentioned as a point of political contention, where the
Bolivian population fears its electoral interference.

★ DID YOU KNOW ?

● The IMF has about 290 billion USD in total quotas available.
● Countries contributions are proportional to their size and relative
economies, so Seychelles funds 0.004% of IMF total quotas, whereas
the United States' contribution constitutes about 17%.
● The IMF (along with the World Bank) is the largest public
monetary lender worldwide.

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★ ADDITIONAL READING

A thorough overview of the Bretton Woods conference, including

pre-conference discussions among countries and post-
conference
ratification debates, is ARMAND VAN DORMAEL, Bretton Woods:
Birth of a MonetarySystem (1978). Descriptions of the fund’s
organization, voting structure, and operations are provided in DAVID D.
DRISCOLL, IMF: What Is the International Monetary Fund?, rev. ed.
(1998); and BERNHARD
FRITZ-KROCKOW and PARMESHWAR RAMLOGAN, International
Monetary Fund Handbook: Its Functions, Policies, and Operations
(2007).
An
overview of the fund’s international lending activities, including
assessments ofits effectiveness by leading scholars, can be found in
LAWRENCE J. MCQUILLAN and PETER C. MONTGOMERY (eds.),
The International Monetary Fund—Financial Medic to the World?: A
Primer on Mission, Operations, and Public Policy Issues (1999). The role
and effectiveness of conditionalities, including country-level case studies,
are examined in JOHN WILLIAMSON (ed.), IMF Conditionality (1983,
reprinted 1985). The origins, operation, and impact of IMF surveillance
activities, including recommendations for improvement, are examined in
External Evaluation of IMF Surveillance (1999), published by the
International Monetary Fund.
MARK S. COPELOVITCH, The International Monetary Fund in the
Global Economy: Banks, Bonds, and Bailouts (2010), considers the role
of the IMF since the advent of financial globalization. Comprehensive
criticisms of the IMFare provided by DOUG BANDOW and IAN
VÁSQUEZ (eds.), Perpetuating Poverty: The World Bank, the IMF, and
the Developing World (1994); KEVIN DANAHER (ed.), 50 Years Is
Enough: The Case Against the World Bank and the International
Monetary Fund (1994); and LAWRENCE J. MCQUILLAN, The Case
Against the International Monetary Fund (1999). Various criticisms of
the IMF are addressed in GRAHAM BIRD and DANE ROWLANDS,
The International Monetary Fund: Distinguishing Reality From Rhetoric
(2016).

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★ CONCLUSION
The conclusion reflects on how the IMF’s post-crash rethink has sought
to alterthe contours of ‘sound’ economic policy. It reflects on the
implications of the argument of the book as a whole about malleability of
economic orthodoxy. It considers the scope and limits of the IMF
authority in its dealings with advanced economies and how this authority
can be constrained. Recalling the key role played in the social
construction of economic orthodoxy by authoritative voices like the IMF,
it considers the potential for advancing new research agendas in
ideational political economy, the study of international organisations, and
the politics of austerity.

The International Monetary Fund (IMF)'s conclusion of its second and

last review of Egyptian economy program supported by the fund's $5.2
billion Stand-by Arrangement attests to the strong performance of the
national economy, Finance Minister Mohamed Maait said. We are
moving ahead with our reform and development march through achieving
a balance and flexibility among the adopted financial and economic
policies, Maait said in a statement Thursday.
After the end of the last review, the Egyptian government can draw SDR
1,158.04 million (about US$ 1.7billion, the fund said in a press release.

2
 This brings total purchases to SDR 3,763.64 million (about US$ 5.4
billion or
184.8 percent of quota).
Maait said the economic reforms adopted by the government earn
national economy a great deal of flexibility in addressing internal and
external shocks.

◾ Discuss in detail regulations

and treaties relating to
licensing, franchising and joint
venture
● Licensing Regulations

In 1823, Licensing Regulation Ordinance was brought out by acting

Governor-General John Adams. This regulation made operating a
press withouta licence a punishable offence. The restriction was
primarily aimed at
Indian-language newspapers or those edited by Indians. This prompted
Raja Ram Mohan Roy to discontinue his Persian journal 'Mirat-ul-
akhbar,' which he founded in 1822. In this article, we will discuss the
Licensing Regulations, 1823which will be helpful for UPSC exam
preparation.

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 Licensing Regulation Act 1823 – Background

➢ Adam's seven-month administration was marked by great energy, but it

is remembered only for his illiberal actions against the press and his
vindictive persecution of Mr. Buckingham, who had come out to
Calcutta in 1818 and founded the Calcutta Journal.
➢ It was the most capable newspaper that had ever appeared in India, and
it gave journalism a higher tone and a deeper interest.
➢ Using the freedom granted to the press by Lord Hastings, the editor
commented on public measures with great boldness, and sometimes
witha degree of severity that was considered dangerous.
➢ But the great offence of the journal consisted in the freedom of its
remark on some of the leading members of Government.
➢ They had been nursed in the lap of despotism and their feelings of
official complacency were rudely disturbed by the sarcasms inflicted on
them.
➢ A regulation was accordingly passed in April 1823 which completely
extinguished the ‘freedom of unlicensed printing’ but the Calcutta Journal
continued to write with the same spirit as before.
➢ A petition to disallow the press regulation was presented to the
Privy Council and rejected without any hesitation.

Licensing Regulations 1823 - Impact

➢ Every publisher was required by the government to obtain a licence.
➢ In the event of a default, the penalty was Rs 400, and the
government would shut down the press.
➢ The government also had the authority to revoke the licence.
➢ As a result of this restriction, Raja Ram Mohan Roy's newspaper
"MiratUl Akbar" had to cease publication.
Conclusion
➢ The licensing regulations introduced the licence raj into the Indian
press environment, requiring a licence to establish or use the press.
This was primarily directed at Indian language publications, which had
grown increasingly critical of British policies.

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● Franchising Regulations
The issue of whether and how to regulate franchising continues to
intrigue allthose involved in franchising. Those in favour of regulation
can cite a numberof reasons for it, including the following.
First, the importance to a franchisee of entering into a franchise
agreement. Other than the purchase of somewhere to live, nothing that an
individual mightdo is likely to have such major financial implications.
Second, franchisees almost always have to pay a substantial initial fee. If
that initial fee significantly exceeds the cost to the franchisor of granting
a franchise,then there is a significant danger that a franchisor’s business
becomes the sale offranchises rather than ensuring that its franchisees
are successful.
Third, franchisors need to grow their franchise network because an
essential element of franchising is that the brand franchisees use should
be generally recognised and valued. While in entrepreneurial cultures
(such as the USA and Australia) there appears to be a large number of
would-be entrepreneurs willingto take the substantial risks of entering
into a franchise for the undoubted significant rewards, in less
entrepreneurial cultures (such as those in Europe) finding suitable
franchisees is often challenging, with franchisors competing against each
other for a small pool of would-be franchisees. Even in entrepreneurial
countries, franchising has recently attracted negative publicity that may
make it more difficult to recruit franchisees. This puts pressure on
franchisors to attract franchisees, and there is therefore a danger that
franchisors
seek to paint too rosy a picture of their franchise in order to distinguish
theirfranchise offer from those of other franchisors.
There are also those who argue against legal intervention in franchising,
whopoint to the following:
- Why is franchising singled out for “specialist treatment”
when other similarbusiness arrangements are not?
- The reality is that you cannot protect the ignorant from
making stupid businessdecisions.
What is important is to ensure that franchisors treat prospective and
actual franchisees “properly”, because it is in their commercial interests

3
to do so. Having laws diverts franchisors from this objective so that they
simply focus oncomplying with what the law requires. Once legally
compliant they need not concern themselves with supporting their
franchisees to ensure they operate successful businesses.
There is undoubtedly something in both sides of the argument but it is
just too simplistic to believe that one size fits all. Different countries
have adopted different responses to franchise regulation because the
issues and challenges aredependent on the franchising market in their
country.
The USA has, of course, led the way with franchise regulation. The
Federal Trade Commission’s Franchise Rule became effective on 21
October 1979, nearly 40 years ago, but the agency’s interest in
franchising preceded that – indeed, it had proposed to adopt a franchising
trade regulation rule as early asNovember 1971. At state level the
California Franchise Investment Law – thefirst US franchise disclosure
law – became effective on 1 January 1971. NewJersey was the first US
state to adopt a franchise relationship law, which tookeffect from 21
December 1971.
Since then, in the Americas, franchise laws have been introduced in
Argentina, Brazil, and the majority of provinces in Canada and Mexico.
France was the first EU member state to introduce a franchise disclosure
law: the Doubin Law, in 1989. This was followed by regulation (whether
in the form of disclosure laws, relationship laws, or a combination of the
two) in eight other EU memberstates and six non-European countries.
Franchise laws have even been introduced in Africa (in three countries)
and Asia – in countries such as
Azerbaijan, Mongolia, Kazakhstan and Kyrgyzstan who, on the face of it,
havevery little franchising activity.
It certainly appears that those who argue against franchise regulation are
losing the argument, with an increasing number of countries introducing
franchise regulation. However in many countries, such as China, the
introduction of franchise laws was, at least in part, prompted by a desire
to restrict foreign (particularly American) franchisors from dominating
their home franchise market. This is, of course, in part motivated by a
desire to protect Chinese citizens from the perceived worst excesses of
capitalist franchising. Indeed, a trade minister from the Far East recently
explained that his country had been a British colony, and he indicated
that there was a strong national feeling that theywere taken advantage of
by
3
the British, and so they did not want others doing the same with their
unfair commercial practices!
Other countries that have introduced franchise regulation on the US
model havedone so for a number of reasons. In some cases, these include
the argument that,if Americans benefit from US protections, then why
shouldn’t citizens of other countries receive the same protections from
the same US franchisor? There is also the sense, in some cases, that if the
country that is by far the largest exporter of franchise systems regulates
franchising in their home market in a particular way, then clearly it works
and they should do something similar.
The regulation of franchising is, of course, not limited to specific
franchise lawsand takes many forms. In the USA there has been a very
considerable focus on characterising franchisors and franchisees as joint
employers. As with so much in franchising, because of the relatively
limited numbers at the franchise bar (with regular communication
between lawyers throughout the world and attendance at conferences,
most of which are organised in the USA) other jurisdictions often follow
trends originating in another jurisdiction. For instance,US joint-
employment issues have since been experienced in Canada, Australia and
France.
While the joint-employment issue in the USA and elsewhere has focused
on thepeculiarities of the franchise relationship, non-specific franchise
developments,which have a direct and very real effect on franchising, can
arise as part of the general trend to treat small businesses (including
franchisees) as consumers andprotecting them
circumstances, treated franchisees as consumers during the early stages of
theirnegotiations with the franchisor.
In many civil law jurisdictions – Germany being the prime example – the
relevant provisions of the Civil Commercial Code impose good faith
obligationsin the negotiation phase of a franchise agreement. Those
requirements are in many ways more challenging for franchisors than
specific disclosure requirements, because they leave the difficult
question of whether proper and adequate disclosure has been made for
the courts to decide –and judges inevitably have varying views on that.
Even more subtly, in some countries, existing legal concepts are used
extensively to protect franchisees. In England and Wales, for instance,
misrepresentation claims are often successfully brought by
franchisees

3
who argue that franchisors, when providing information to a prospective
franchisee,are in a unique position to know the truth. If their
information is incorrect, it islikely to be a fraudulent misrepresentation,
liability for which cannot be excluded in the franchise agreement. This
makes the individual who made the misrepresentation personally liable
– a substantial disincentive to providing misleading information!
As demonstrated above, it is wrong to proceed on the basis that all
franchisors need do is focus on franchise legislation. The challenge for
franchisors wishingto be legally compliant is becoming increasingly
complex. Further, the implications for a franchisor in serious breach of
legal requirements can be catastrophic, because it could affect their whole
network.
The first and most obvious solution is that franchising needs to be more
ethical, with franchisors universally taking a much more direct and real
interest in the success of their franchisees – with zero willingness to
accept franchisee failures.In the UK, for instance, any franchisor with a
franchisee failure rate of anythingapproaching 10 per cent would be
considered a failing franchisor. In a relativelysmall country such as the
UK, news of high failure rates spreads quickly, especially because of the
importance in the UK of franchisee funding – which isalmost always
supplied by a small number of specialist franchise units of the leading
banks. The banks simply stop funding prospective franchisees if they are
not confident in the ability of the franchisor to have successful
franchisees who are able to repay their loans.
Equally, national franchise associations need to take a long hard look at
their requirements for their members. In those jurisdictions where the law
regulates franchising, it has been suggested that it may be difficult for a
national franchiseassociation to impose additional requirements on its
members in relation to ethical behaviour. That may or may not be true.
Within Europe where, as shownabove, a number of countries have
adopted their own legislation, all national franchise associations who are
members of the European Franchise Federation are committed to
ensuring that their members comply with their Code of Ethics.These
associations are powerful and most franchisors in European countries can
see the commercial benefits of being members. This puts the national
franchise associations in a powerful position to regulate ethical
behaviour. In the UK, for instance, the British Franchise Association
(BFA) has a

3
 mechanism for receiving complaints from franchisees and the power to
investigate and ultimately expel members for a failure to comply with its
Codeof Ethics and/or for having an unacceptably high failure rate.
Historically therehas been some doubt as to the extent to which the BFA
has actually enforced these provisions, but there are signs that it is
becoming increasingly willing to do so.
The advantage of powerful national franchise associations enforcing
ethical behaviour is that it encourages this behaviour in franchisors – and
for those whoare not advocates of franchise regulation, it makes such
regulation less likely.
As indicated at the beginning of this article, it is wrong to assume that a
particular model will be appropriate everywhere. There are, indeed,
many good reasons why the UK model, which has no franchise
regulation and/or other provisions that could specifically apply to
franchising, may not be appropriate elsewhere. However the assumption
that extensive US- style franchise regulationis a good thing throughout
the world clearly needs to be challenged. Each country should have its
own approach relating to specific issues in that country; and, of course, it
should be borne in mind that there is no evidence that extensive
franchise legislation actually works to promote either franchising or
ethical behaviour.
● JOINT VENTURE REGULATIONS :
There are no separate laws for Joint ventures in India.

Contractual Joint Venture is governed by the Partnership Act, 1932 because it

is like a partnership that is binding by the legal agreement no separate Legal
Entityis formed.
Equity-based Joint Ventures are regulated by the Companies Act 2013 because
a new legal entity is formed which are either Public or Private Sector
companies. Some other laws by which Joint Ventures in India are regulated:
❖ Competition Act, 2002.
❖ Foreign Trade (Development and Regulation) Act, 1992.
❖ Industrial Policy and Procedure Policy for Foreign Investment
Contract Act. Foreign Exchange Management Act.
❖ 1999 SEBI Guidelines, Regulations, Notifications & Circulars.
❖ Reserve Bank of India (RBI) Guidelines, Regulations, Notifications
& Circulars.

3
 Liabilities in Joint Ventures:
Under Partnership Act, 1932:

Each partner is liable for all acts of the business committed when he is a
partnertogether with all the other partners and even separately.
A retiring partner may discharge his liability to any third party before his
retirement by arranging for him and that third party.
The partner will be held liable for every act done by the firm before his
retirement notice becomes public.
The firm is not dissolved by the death of a partner, the estate of a
deceased partner is not liable for any act of the firm done after his
death.All the parties are liable for every act done by the firm before the
dissolution notice becomespublic.

Except for the partner who dies, or who is bankrupt, or of a partner who, not
having been known to the person dealing with the firm to be a partner, or
retires from the firm. The partner after the dissolution of a partnership may
carry the unfinished business to finish it.
Provided that the firm is in no case bound by the acts of a partner:
Liability of a Foreign Partner:
❖ A foreign partner will have liability as per the domestic laws on
the liability of partners in Joint Ventures.
❖ The foreign partner may also have liability under Reserve Bank of
India& Foreign Direct Investment laws and regulations.
❖
◾ Legal concepts relating to international Business.

International business law is the practice of law in the global business

community. It includes a focus on economics and the law, international
commercial transactions, licensing, tariffs and taxes, and many other
topics.International business law varies by jurisdiction. It builds on top of
basic business law concepts by expanding them to an international arena.

A study of economics and the law gives an attorney an analytical

framework forconsidering legal and economic aspects of a particular

3
policy as it relates to international commercial law. International business
law is almost always related to trade or commerce in one way or another.
Considering the economic impact of a specific transaction or a policy’s
effect on transactions is an important part of this practice area. Public
international law issues affect commerce and trade in a variety of ways.
The laws of several different jurisdictions come into play in each
transaction. An analysis of the specific lawsfor each jurisdiction must be
completed prior to determining which jurisdiction is best for a given
transaction.

3
Trade agreements have a significant impact on international
business law. Two or more countries may join together for a
specific trade agreement in order to define certain aspects of
commerce or trade. The North American Free Trade Agreement
(NAFTA) is an example of a trade agreement. It is a trilateral
agreement between the United States, Mexico, and Canada
intended to reduce trade and investment barriers between the three
countries. These types of agreements exist among many different
countries and must be considered as oneenters into a new set of
commercial transactions. Licensing of different propertyrights is a
major issue in the field of international business law. A company
in one country may develop a specific intellectual property. This
company may then have the item produced in a different country,
or it may license other companies the right to produce this item in
many different countries. As each of these transactions is
negotiated, the rights licensed or maintained by each of the
different companies are the primary focus of the commercial
transaction. The laws in each of the jurisdictions all play into how
the transaction is negotiated.

Tariffs, taxes, and other mechanisms for regulating trade vary by

jurisdiction. There are usually basic provisions for a country that
can be modified by trade agreements among the different
countries. These issuesmust be considered as one negotiates each
transaction.

3
MARKETING OF INSURANCE

3
INTRODUCTION

4
In the underdeveloped financial market, such as the Serbian one, in the
previous period there was noticeable absence of serious competition and
limited choice of financial services on the market. In such an
environment, the development of a new financial market, first banking
and securities markets, and then insurance, which, after tightening the
criteria for business for insurance companies, has entered a new phase of
development since 2004, the main feature of which was the strengthening
competitiveness and the struggle to attract clients. From that moment on,
insurance marketing gets the significance it did not have before, and even
though not all insurance companies operating on the Serbian market had
the same importance, it is obvious that the relationship of almost all
companies towards this important function of insurance is obvious. With
the intensification of competitive relations between societies, it is logical
to conclude that the importance of insurance marketing will grow in time.
Marketing is a discipline that deals with market issues, market needs and
how to meet those needs. Marketing, as a business philosophy of
intensive production, places at the center of its interest the analysis and
consideration of all problems related to the turnover and sale of goods
from producers to consumers. (Simonović et al, 2012, p. 102-109) It can
be freely stated that sales are one of the basic and at the same time the
most important marketing functions in every insurance company. The
implementation of this function is in the greatest direct correlation with
the overall success of the entire insurance company. In order for a
company to be able to successfully sell insurance services, the sales
function must be treated as part of integral marketing. This means that it
is necessary to plan and generate such insurance services that will, by
their quality, price, availability and competitive advantage, meet the
needs of potential customers of insurance services, or future insurers The
insurance company must be well aware of its target insurance market,
perform the necessary research (such as market segmentation) on a
regular basis, then analyze all chances and threats in its environment
related to policy, legal solutions, competition activities and the like, then
good examine their own strengths and weaknesses in terms of
organization, personnel competence, capital adequacy, their own image
in public and the like, and on that.

4
EXECUTIVE SUMMARY

4
 Executive Summary

The project on “marketing of insurance

in retail sector and public survey” was taken by me to know more
about marketing strategies of insurance company and to know
people’s opinion on it

The focus of the project was to study the satisfaction among the
consumer about the company’s product and policies, know the
importance basis of different parameter like promotion and
advertising services, redelivery aspects, relationship with the
company’s credit policy, knowledge about competitor, life
expectancy of aggregative, suggest suitable measure to level of
consumer satisfaction, to benchmark United India against other
industries and the list out of it in imbibe Practical experience.

The project involves a lot of research work regarding the schemes

of thecompany and its scope in the Indian economy which is
raising day to day.

The questionnaire was prepared under the special guidance of

marketing executive of the company which helps to build a strong
bridge between thecustomer’s need and the product of the
company.

4
 The business of general insurance is related to the protection

of economic value of assets. The assets would have been created

through the efforts of owner. These assets are insured because they

are likely to be destroyed or made non- functional through an

accidental occurrence called perils.

It spreads losses of individuals who face common risk. The

project revolve around the study of the Marketing Mix and

Awareness in Retail Sector plans in insurance sector specially for

United India Insurance Co. Ltd. It include of the significans of

insurance, their working models,their competitive analysis and its

impact and overall insurance and financial market. It also include

market research to know how the customer perceive this insurance

plan. Product offered by the various companies in the market

highlited, let the companies to introduce the product.

4
REASONS FOR SELECTING THE TOPIC

With the increasing in the standard of timing and the

economical standard of the people more and more people are

investing their money in the market. With rise in the risk factor the

insurance sector is on a high. Also, due and the increase ofcompetitor

in the market more and more schemes are available for the

investors to invest into that helps in rising the economy of the

country. Due to this field is of constant discussion and research. So,

this was the basic reason of selecting the topic.

4
COMPANY PROFILE

4
 COMPANY PROFILE

United India Insurance Co. Ltd.is a venture of the, India’s

largest and fastestgrowing business house, United India General

Insurance Company Limited is oneof the first non-life insurance

Company to get license from Insurance Regulatoryand

Development Authority (IRDA). The company has a paid-up

capital of Rs.102crores and an authorized capital of Rs. 200crores,

from property to marineto casualty and liability. BGICL offers an

exhaustive range of Insurance products,and It has maintained a

consistent record of profitability from the very first year ofits

operation. Set up with exclusively Indian expertise, the company

aims toemerge as a new generation insurance company,

committed to offer sustainedvalue Propositions to its customers

by keeping them at the focal point of all itsoperations.

VISION….
1) To establish a world class end to end e- enabled
Insurance enterprise.

2) To achieve customer satisfaction by putting to practice

customer facingprocesses, technology and customer delighting

attitude.

4
3) To chart new vistas in General Insurance Market.

4
 COMMITMENT…. OFFERS THE BEST.

1) Keep customer as focal point of all operations.

2) Adopt the best international practices in underwriting,

policy servicingand claim settlement.

3) To be more innovative in product development.

4) To establish an all-India presence.

5) Protect policyholder’s interest.

6) Sustained value addition to all stakeholders.

PEOPLE….

The company has on board a highly talented and motivated

team with a blend of the best domain expertise and successful

record in client serving. With an average experience exceeding 20

years, the team brings a deep understanding of the Indian Market.

BACKED BY THE WORLD`S BEST REINSURERS.

Apart from the utilizing capacity of the national reinsurer as per

IRDA Guidelines,RGICL has established relation with the world’s

best Reinsurers and has availed the capacity offers by them.

4
 PRODUCT PROFILE

1 MOTOR POLICY – CARS, Motors cycles, scooters, Autos&

buses has made daily commuting easy to the public. Though it
gives mt ore convenience and savestimes in reaching places, its
wide use is creating new problem. Accidents areincreasing and the
resultant cost to repair the damages in high. United India’s Motors
Policies help in recovering such losses when it happens.
Motors policy cover

 Repair/replacement of the damaged parts of the vehicle.

 To pay the Insured Declared Value [IDV] in case of the of a

total losswhere the cause of such damage is an accident or theft.

 What does the policy not cover?

 Consequential loss, normal wear and tear.

 Driving without a valid license for that class of vehicle.

 Depreciation for the parts that needs replacement in the event

of accident ispre-defined in the Policy.

5
 SHOPKEEPERS POLICY

Risks surrounding every shop

1. fire
2. Floods, Hartals, Strike/malicious damage.
3. Riots storm, Tempest
4. Burglary
5. Accidental damage.
6. Fraud form your employees.
7. Earthquake.

RISKS COVERED BY SHOPKEEPERS’ POLICY

[1] Fire- The risk of fire lightning storm earthquakes flood riot strike etc
are coveredunder this section.
[2] Burglary -The risk of burglary shall mean theft involving entry into
or exit form the insured premises by forcible and violent means. Loss and
damage to contents are covered under this section.
[3] plate Glass- Loss or damage to plate glass by accident in the
insured premises are covered.
[4] Money Insurance –Very essential cover for shopkeepers with hi-
volume business carried by the employee or self form one place to
another
,due to accident/ misfortune, snatching, use of force by burglary while
lying at the counterduring business hours, is covered under this section.
[5] Personal Accident-Death or any bodily injury directly caused by
accidental, violent, external and visible means, applicable for persons
aged between 12and 70 years.
[6] Public Liability-[a]ny risk pertaining to compensation and
litigation expenses ofa person who is injured inside the insured premises-
0.05%[b] Arising out ofcompensation to workmen as per Fatal Accident
Act 1855 and workmen Compensation Act 1923

5
 UNIHOME CARE
[1] Covers fire, riot strike malicious damage and other
natural calamities.
[2] In the event of accidental death of the insured his
outstanding liability with thebank under housing Loan is cleared
[Upto sum insured under loan amount.
[3] The period of insurance can be identical to
the period of loan[5yrs/7yrs/10yrs/20yrs]
[4] Simple proposal form seeking name and address of
loanee, age, occupation.Monthly income, name of nominee,
amount of loan and sum insured of building.

5
 UNI STUDY CARE –
Main features of cover-
1. Personal Accident cover for students
2. Personal accident cover for parents
3. In the event of unfottunate death due to accident of
[a] Student –Sum insured is paid
[b] Parent- Sum insured plus fees for the remaining duration
of the courseis paid
JANATHA PERSONAL ACCIDENT POLICY –
1) Death / permanent Total Disability due to accident [100%]
2) Permanent loss of two limbs/two eyes or loss of one limb and
one eye[100%]
3) Permanent loss of one limb or one eye [50%]
4) Maximum sum insured Rs 1lakh/ premium Rs60.

UNIVERSAL HEALTH INSURANCE

1) Hospitalization expenses for self/and family upto Rs30,000/-per
year andRs15,000/-per illness.
2) Extra payment of Rs50/-per day if head of family is
hospitalized uptomaximum 10days.
3) Death due to accident of headh of family Rs25,000/-is paid

5
 HEALTH INSURANCE
o The complete protection for you and family
o three variants for different age groups
 –age group of 3 months to35 years
 Gold –age group of36 years to60years
 age group of 61yearsto80 years *covers the hight cost of hi-
techhealt care *pre-existing illnesws covered after 4 claim –
free years
o *cashless hospitalization cover in network hospitals*
Income Tax Benfitunder Sac8(D) *NO Claim Discount /
Family Discount in premium.
o Driving under the influence of alcohol/drugs and
accidents occur.Vehicle not being used as per limitations
of use.

5
MORE VALUE TO THE CUSTOMER.

Risk Evaluation.

Provides expertise in risk evaluation and risk mitigation leading to

the mostappropriate risk transfer solution.

Post Sales Service.

Differentiate on service parameters by ensuring prompt and correct

Documentation and fair, transparent and speedy claim settlement.

New Products.

Introduce innovative products suited to specific market segments.

Leverage State-of-the-art Technology

Use IT to ensure a customer-centric seamless service which

facilitatesReal time on-line data.

5
INDUSTRY PROFILE

5
 United India Insurance Company Limited was incorporated
as a Company on 18th February 1938. General Insurance Business
in India was nationalized in 1972. 12 Indian Insurance
Companies,
4 Cooperative Insurance Societies and Indian operations of 5
Foreign Insurers, besides General Insurance operations of southern
region of Life Insurance Corporation of India were merged with
United India Insurance Company Limited. After Nationalization
United India has grown by leaps and bounds and has 18300 work
force spread across 1340 offices providing insurance cover to more
than 1 Crore policy holders. The Company has variety of insurance
products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and
implementing complex covers to large customers, as in cases of
ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai
International Airport Ltd Tirumala-TirupatiDevasthanam etc. We
have been also the pioneer in taking Insurance to rural masses with
large level implementation of Universal Health Insurance
Programmeof Government of India & Vijaya Raji Janani Kalyan
Yojana ( covering 45 lakhs women in the state of Madhya Pradesh)
, Tsunami Jan Bima Yojana (in 4 states covering 4.59 lakhs of
families) , National Livestock Insurance and many such schemes.
We have also made our presence in more than 200 tier II & III
towns and villagesthrough our innovative Micro Offices.

5
 Vision

 The most preferred insurer in India with global footprint

& recognition.

 Trusted brand admired by all stakeholders

 The best-in-class customer service provider leveraging

technology &multiple channels

 The provider of a broad range of innovative products to meet

the needs ofall customer segments

 Great place to work with highly motivated and

empowered employees

 Recognized for its contribution to the society

5
 Corporate Mission Introducing Ourselves
 UI is a leading General Insurance Company.

 More than three decades of experience in Non-life

Insurance business.

 Formed by the merger of 22 companies, consequent to

nationalisation ofGeneral Insurance.
 Head Quarters at Chennai.

Corporate Mission

 To provide Insurance protection to all.

 To ensure customer satisfaction

 To function on sound business principles.

 To help minimise national waste and to help develop the

Indian economy.

The subsidiary companies are:

1) The New India Assurance Co. Limited.

2) The Oriental Insurance Co. Limited.

3) National Insurance Company Ltd.

5
And the private companies are:

1) Bajaj Allianz Company Limited.

2) ICICI Lombard.

3) Reliance Insurance Limited.

4) Tata AIG.

5) Iffcco-Tokyo Insurance. Ltd.

6) Royal Sunderam Insurance Co. LTD.

7) HDFC Chubb Insurance Co. Ltd.

The project includes the study of Marketing Mix of

personal products and insurance awareness in retail sector.

Marketing Mix includes the variety of insurance products of

the company, its warranty period, prices of each product, discount

given on it. Sales promotion of the company and channels of

distribution.

The study also covers the analysis of insurance awareness

amongst the shopkeepers and travel agencies

Today, United India Insurance Company Limited is one of India's

leading and fastest growing insurance companies. Currently, it has
presence in more than 550 locations with over 60,000 Insurance
Consultants.
6
COMPETITORS IN MARKET

With the increase in the indian economy from the past three
to four years there is a sudden increase in the insurance field in
the indian market, whichresulted in a good competition among
various industries trying out hands in the same field. Some of the
leading firms having a good repute in the market and fulfill its
customers needs with good schemes are as follows:
HDFC Standard Life Insurance
HDFC Standard Life Insurance Co. Ltd. is a joint venture
between HDFC Ltd., India's largest housing finance institution and
Standard Life Assurance Company, Europe's largest mutual life
company. It was the first life insurance company to be granted a
certificate of registration by the IRDA.
HDFC Standard Life's cumulative premium income,
including the first yearpremiums and renewal premiums is Rs.
672.3 Crores for the financial year, Apr- Nov 2005. So far the
company has covered over 11,00,000 individuals and has declared
5th consecutive bonus in as many years for its 'with profit'
policyholders.
ICICI Lombard Insurance
Company is a joint venture between ICICI, a premier financial
powerhouse and Prudential plc, a leading international financial
services group headquartered inthe United kingdom.
ICICI was established in 1955 to lend money for industrial
development.Today, it has diversified into retail banking and is the
largest private bank in thecountry. Prudential plc was established in
1848 and is presently the largest life insurance company in the UK

6
ICICI Lombard Insurance
is currently the No. 3 private life insurer in the country. For the
financial year ended March 31, 2005, the company garnered Rs 1584
crore of new business premium for a total sum assured of Rs
13,780 crore and wrote nearly 615,000 policies.
Reliance Insurance

Reliance Insurance Company Limited is a part of Reliance

Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. The
company acquired 100 per cent shareholding in AMP Sanmar
Insurance Company in August 2005. Taking over AMP Sanmar
provided Reliance Insurance a readymade infrastructure and a
portfolio.

AMP Sanmar Insurance was a joint venture between AMP,

Australia and the Sanmar Group. Headquartered in Chennai, AMP
Sanmar had over 90 offices across the country, 9,000 agents, and
more than 900 employees.

6
 TYPES OF INSURANCE PRODUCTS.

PERSONAL
PRODUCTS.

1. Shopkeeper` s Package Policy(Horse)

2. Householder` s Package Policy
3. Overseas Travel care PolicyInsurances.
4. Personal Accident Policy.risk
5. Individual Mediclaim Policy.
6. Motor Vehicle Policy.Insurance.

Commercial products

1. Property
2. Projects & Engineering.
3. Liability.
4. OthermiscellaneousInsurance

SPECIAL

1. Blood stock Insurance.

2. Satellite

3. Oil and EnergyInsurance.

4. Marine hull

6
OBJECTIVE

6
1) To study level of satisfaction among the consumer about the

companies product and its policies.

2) To know the importance, satisfaction level on the basis of different

parameter like, promotion and advertising service , redelivery

aspect, relationship with the company, credit policies, knowledge

about competitor & life expectancy of aggregative.

3) Suggest suitable measure to level of consumer satisfaction.

4) To benchmark United India Insurance Company Limited against

other industries.

6
RESEARCH METHODOLOGY

6
 RESEARCHMETHODOLOGY

Introduction: -

Research refers to a search for knowledge. One can also define

research as a scientific and systematic search for pertinent
information on a specific topic. Research is an art of investigation.

The research methodology undertaken to do the project was

developed on the basis ofthe objective of the project. The research
work was conducted by carrying out field studies by collecting data
through a questionnaire. The questionnaire comprised mainlyof
closed ended question so that interpretation of data could be
performed withoutambiguity.
Marketing Research: -

Marketing research is a systematic design, collection, analysis and

reporting of the data and findings relevant to the specific marketing
situation facing the company. So results of marketing research
activity are useful in enhancing the decision making ability of the
organization.
American Marketing Association defines
“Marketing is the function which links the consumer, customer and
public to the marketer through information- information used to
identify and define marketing opportunities and problems,
generate, refine and evaluate marketing actions, monitor marketing
performance and improve understanding of market as a process.
Marketing research as, “the systematic gathering, recording, and
analysis of the data about problems relating to the marketing of
goods

6
 Research Design: -
A research project conducted scientifically has a specific
framework of research from theproblems identification to the
presentation of the research report. This framework of conducting
research is known as research design.

Types of Research Design

 Exploratory Research Design

 Conclusive Research Design
1. Descriptive Research
2. Causal Research

Exploratory Research Design: -

Exploratory research studies are also termed as formulative
research studies. The main purpose of such studies is that of
formulating a problem for more precise investigation or of
developing the working hypotheses from an operational point of
view. The major emphasis in such studies is on the discovery of
ideas and insights. As such the research design appropriates for
such studies must be flexible enough to provide opportunity for
considering different aspects of a problem under study.

Conclusive Research Design: -

Conclusive research provides information, which helps the executive
to make a rational decision. The marketing executive has to arrive a
suitable decision from the various alternative decisions. The
various alternative conclusions and selecting the most suitable
conclusion may be done by descriptive research design or
experimental research design.

6
Sampling Method:-
There are different types of sample designs based on two factors,
the representation basis and the element selection technique. On the
representation basis, the sample may be probability sampling or it
may be non- probability sampling. Probability sampling is based on
the concept of random selection, where as non-probability
sampling is non- random sampling. On element selection basis, the
sample may be either unrestricted or restricted. When each sample
element is drawn individually from the population at large, then the
sample so drawn is known as unrestricted sample, whereas all other
forms of sampling are covered under the term restricted sampling.
Methods of Sampling

 Probability Sampling
 Non-Probability Sampling

Probability Sampling: -
Probability sampling is also known as Random Sampling or
Chance sampling. Under thissampling design, every item of
universe has an equal chance of inclusion in the sample. It is, so to
say, a lottery method in which individual units are picked up from the
whole group not deliberately but by some mechanical process. Here
it is blind chance alone that determines whether one item or the
other is selected.

6
Non-Probability Sampling: -
Non-Random sampling is that sampling procedure which does not
afford any basis estimating the probability that each item in the
population has been include in the sample. Non- probability
sampling is also known by different names such as deliberate
sampling, purposive sampling and judgment sampling. In this type
of sampling, items for the sample are selected deliberately by the
researcher; his choice concerning the items remains supreme. In
other words, under non-probability sampling the organizers of the
inquiry purposively choose the particulars unit of the universe for
constituting a sample

on the small mass that they select out of a huge one will be
typical or representative ofthe whole.

Method Used in Project-

Total 100 peoples were selected for research purpose whose
interview were take for data collection. On the basis of answers
given by people graphical representation has been done for
analysis.

DATA COLLECTION

There are two methods of data collection.

7
 PRIMARY DATA:-
Survey method is the process, whereby first-hand information was
collected.The primary data was collected through structured
questionnaire which was filled with the help of the respondents
through interview in various areas of Ahmednagar

Tools for Collecting Primary Data:-

In this project Questionnaire is used as research instrument. The questionnaire
is attachedat the end as annexure.

1) Questionnaire (Interview)

SECONDAY DATA: -

Secondary data has been taken from the company booklets,

information manuals, Product pamphlets, company websites etc.
This has been used to know about the history of the organization,
market share of the company, sales policy etc.

7
 Tools for Collecting Secondary Data: -

This data is collected from different sources as like,

 Internet,
 Books,
 Company’s Brochure, and
 Magazines & Annual Review Reports etc.

Collection of Information: -
The method used for collecting data was visiting the dealers. The
Retailers /Dealers were called by us without any prior appointment.
The interview was to be conducted in a way that in minimum time
maximum information can be gathered for respondent.

Sampling Plan: -
The sampling plan was divided into three sections. These sections
are as follows.

7
Sampling Unit: -
The respondent who were asked to fill out questionnaires are
the sampling units i.e.,peoples whose insurance has been done
with any of the insurance company

Sampling size: -
Samples were randomly taken from Pune cityThe sample size for
the project was 100

Sample Area: -
The geographical area that was covered while collecting the
data was different areasPune

Data Analysis: -
Data analysis is represented by graph & Pie Charts.

7
DATA COLLECTION

7
 Marketing is a process by which individuals and groups obtain

what they need and want through creating, offering, and freely

exchanging products and services of values with others. Marketing

Management is the process of planning and executing conception,

pricing, promotion and distribution of ideas, goods, and services to

create exchanges that satisfy individual and organizational goals.

MARKETING

Marketing is the set of marketing tools that the firms use to

pursue its marketing objectives in the target market. Marketing mix

can be classified into four broad groups called four P` s of the

marketing. Marketing mix decisions must be made for influencing

the trade channels as well as the final products.

For service sector three additional P` s are given which

are

People.

Physical evidence.Process.

7
 MARKETING MIX

Products mean anything that satisfies customer` s needs and wants.

Product can be a goods, service or idea.

Product adoption involves alternating the products to reset local

conditions or performances.

Product mix includes different things related to products of a

organization under one heading, i.e. different types of products
(goods or services), quality of each product, Brand name of the
organization. After sales, service of the company. And warranty period
of each product.

7
 PRICES:

Pricing decision is the most important decision to any kind of

organization.Companies have three choices:-

1) Setting a uniform price everywhere.

2) Setting a market based price in each country.

3) Setting a cost based price in each country.

Price Mix includes list prices of the products of company,

discount given onproducts. And the payment period decisions.

PROMOTION:

 It is most important for an organization to promote their business in

the market.

 Companies can run the same advertising and promotion campaigns

used in the home market. A process is called communication
adoption.

 Promotion Mix includes sales promotion in the market, advertising

campaigns for the products or services, sales persons of the
company and the direct marketing of the products.

PLACE:

 Place means the area where the company operates its business.

 Place Mix includes the areas of business, channels of the

company, transportation system and the inventory.

7
 A. SHOPKEEPER’S PACKAGE POLICY

1.Fire and Allied Perils 2.Burgalary and Housebreaking

3.Electrical and mechanical Appliences4.Money Insurance
5.Electrical Appliences6.Baggage
7.Fixed Plate Glass and Sanitary Fitting8.Neon / Sign / Glow Sign /
Hoarding 9.Personal Accident
10. Infidility / Dishonesty Of Employee
11. ( a ) Legal Liability Towards Employee
( b ) Legal Liability Towards Third Party
( c ) House-holder’s Package Insurance Policy

1. Fire and Allied Perils

2. Burgalary and housebreaking
3. All Risks ( Jewellery and valuables )
4. Domestic mechanical and Electrical Appliences
5. Domestic Electronic Appliences

6. television Set
7. Fixed Plate glasses
8. Baggage
9. Pedal Cycle
10. Personal Accident
11. ( a ) Legal Liability Towards Servant
( b ) Legal liability Towards Third Parties
( c ) Overseas Travel care Insurance Policies
1. HOUSEHOLDER` S PACKAGE POLICY:

The rates of this policy are as follows.

Section no. Rate

(%
0)
1) Fire and Allied perils 0.50

7
Terrorism (Optional) As per
terroris
m
pool

7
 2) Burglary and housebreaking 0.50
3) All Risk (Jewellery 10.00
and Valuables)
4) Domestic Electrical and 2.50
Mechanical Appliances
5) Domestic Electronic Appliances 10.00
6) TV/VCR/VCP/DVD/VCD player 10.00
7) Fixed Plate Glass. 10.00
8) Personal Baggage. 7.50
9) Pedal Cycles 20.00
10) Personal Accident 0.45 to
3.00
11) A) Legal Liability As per
towards servants. WC
Tariff.
11) B) Legal Liability towards 0.50
Third Parties

2.

8
 DISCOUNTS

The following discounts may be granted

A) Voluntary Deductibles:

Voluntary Discount
Deductibles
Rs. 500/- 5% on the OD premium of the vehicle,
subject to maximum of
Rs. 50/-
Rs. 750/- 10% on the OD premium of the
vehicle, subject to maximum of
Rs. 75/-
Rs. 1000/- 15% on the OD premium of the
vehicle, subject to maximum of
Rs. 125/-
Rs. 1500/- 20% on the OD premium of the
vehicle, subject to maximum of
Rs. 200/-
Rs. 3000/- 25% on the OD premium of the vehicle,
subject to maximum ofRs. 250/-

8
B) Premium for liability only cover

CUBIC CAPACITY PREMIUM

Not exceeding 75cc Rs. 135/-

Exceeding 75cc but not exceeding Rs. 160/-
150cc
Exceeding 150cc but not exceeding Rs. 175/-
350cc
Exceeding 350cc Rs. 190/-

8
DATA ANALYSIS

8
NO. OF PRIVATE INSURANCE COMPANIES
WORD OF MOUTH 16%
PAPER ADVERTISING 6%
ELECTRONIC MEDIA 8%
ALL 70%

Interpretation : 60% people came to know about insurance

companies by mouth publicity , 20% came to know by paper
advertising, 7% came to know about electronic media where as
13% people know by every media.

8
 FACTORS OF INSURANCE POLICY

RISK INVOLVE IN 13%

THE BUSINESS
FOR THE SAKE OF 70%
PROTECTION
BOTH 1 AND 2 13%
BOTH 1 AND 3 7%

Interpretation : 13% people buy insurance because of risk

involve in the business, 67% people buy insurance for self-
protection , 13% people buy insurance for both risk involve in
business and for self-protection

8
NO. OF INSURANCE COMPANY COVER.

NEW INDIA 19%

ASSURANCE
CO.LTD

THE ORIENTAL 10%

INSURANCE
LTD.

UNITED INDIA 12%

INSURANCE
LTD.

NATIONAL 8%
INSURANCE CO.
LTD.

BAJAJ ALLIAZ 17%

GENERAL
INSURANCE CO. LTD.

TATA AIG 4%
RELIANCE GENERAL 6%

ICICI LOMBARD 12%

IFFCCO-TOKYO INSURANCE CO. LTD 4%.

8
BOTH BAJAJ & ICICI LOMBARD 8%
Interpretation:
19% people are associated with new India Insurance
company for insurance, 10% people are associated with the oriental
insurance company, 12% people are associated with united India
insurance Ltd., 8% peoples are associated with national insurance
co. ltd, 17% peoples are associated with bajaj allianz general
insurance ltd.,4% peoples chose Tata AIG, 6% Reliance General
Insurance, 12 % people are associated with ICICI lombard , 4%
people are associated with IFFCCO TOKYO Insurance co. ltd, and
8% peoples are associatedwith both Bajaj and ICICI Lombard
insurance

8
FACTORS OF INSURANCE COMPANY.

ATTRACTIVE PRODUCT 18%

FEATURES
INFLUENCE OF AGENT/ 22%
BROKER

PRICING 34%

VALUE ADDED 16%

SERVICES

CONVENIENCE 10%

Interpretation:
18% people buy insurance because of Attractive Product
Features, 22% people buy insurance because of Influence of Agent
/ Broker 34% people buy insurance because of price variation
among companies,16% of value added services, and 10% people
buy insurance by their convenience.

8
 NO. OF INSURANCE POLICIES
FIRE 100%
BURGLARY 100%
ELECTRONIC APPLIANCES 14%
MONEY INSURANCY 8%
FIXED PLATES 15%
GLASS/SANITORY
FITTINGS
NEON SIGN/GLOW 10%
SIGN/HOARDING
PERSONAL ACCIDENT 17%
LEGAL LIABILITY 13%

INTERPRETATION:
Most of peoples have fire, burglary insurance policies14%
people have electronics appliances, 34% have personal accident
policies while other people preferred other policies by their need.

8
RATE OF SATISFICATION

AVERAGE 16%
GOOD 28%
VERY GOOD 56%

interpretation:
16% people said services provided by their insurance
company are average, 28% people said services provided by their
insurance company are good, 56 %services provided by their
insurance company are very good.

9
 NO. OF RENEWING INSURANCE POLICIES

YES 93%
NO 7%

Interpretation: 93% people like to continue renewing your

Insurance policiesfrom the same Insurance Company & 7% are not
interested to renew insurancewith the same company

9
 IMPORTANCE OF INSURANCE POLICY

Extremely Important 26%

Somewhat Important 28%

Neutral 28%

Unimportant 18%

Interpretation: 26% people consider health insurance extremely

importance
As 28% of peoples consider it as somehow important. 28% are neutral
on and 18% this its unimportant

9
 From this many year’s peoples been associated with
their current insurance provider.

Less than a year 20%

1-2 years 13 %

2-3 years 17 %

4 or more than 4 50%

Interpretation: Half of the peoples are associated with their

current provider from
4 or more than 4 years, 13% associated with them from 1-2
years, 17% peoples
Are associated with them from 2-3 years and 20% are associated
with current
insurance providers in less than 1 years

9
 peoples with currently health insurance coverage

YES 54%

NO 46%

Interpretation: 54% of peoples having their health insurance coverage

and 46 % of peoples don’t having their health insurance coverage

9
From this many year’s peoples been associated with their current insurance prov

LESS THAN A YEAR 20%

1-2 YEARS 13 %

2-3 YEARS 17 %

4 OR MORE THAN 4 50%

Interpretation: Half of the peoples are associated with their

current provider from
4 or more than 4 years, 13% associated with them from 1-2
years, 17% peoples
Are associated with them from 2-3 years and 20% are associated
with current
insurance providers in less than 1 years.

9
preferred option to get information on your health insurance

HEALTH INSURANCE AGENT 34%

CALL 30%
ONLINE 20%
HEALTH FACILITY 16%

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 Interpretation: 34%preferrd to get information with the help o health
insurance agent and 30% of peoples preferred call, 20% online and 16%
will consider health facility.

Peoples who planning to purchase one more health insurance

policy

YES 58%

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NO 42%

Interpretation: more then half of the peoples means 58% of peoples are
planning to purchase one more insurance policy and 42% of peoples are
not planning to purchase any

Who plays for their health insurance

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EMPLOYER 30%

GOVERNMENT 28%

YOURSELF 32 %

OTHER 10%

Interpretation : 30 % employer plays their insurance bill , 28 %

of peoples bill pays by government , 32% of peoples pays their
own insurance and 10 % other.

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health insurance plan

DOCTOR’S VISITS 44%

PREGNANCY AND CHILDBIRTH 22%
MENTAL HEALTH SERVICES 14%
EMERGENCY ROOM VISITS 8%
INPATIENT AND OUTPATIENT CARE 8%
OTHER 2%

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 FINDING

 Mouth to mouth publicity has better influence on policy

purchasing rather than other medias of like paper advertising and
electronic
media.
 Most people buy insurance because risk involve in the business
and some people buy for sake of protection while few people
buy
insurance for both the reasons
 People chose united India company for insurance but many also
chose new India insurance and Bajaj Allianz general insurance
over
united India.
 Most of the people buy insurance as their convenience while
few peoples are influenced by broker.
Most of people buy fire and burglary insurance as well as insurance for
electronic appliances. Some people buy accidental insurance while legal
liability insurance is rarely purchased.
 Rate of satisfaction of customers in found high with the
insurance companies and very few people rate it
average.
 Nearly all the people renew their policies with the current
insurance provider and rarely some people want to change their
insurance
provider.

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CONCLUSION

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 Insurance sales are characterized by certain specialties.

These products canbe marketed mainly through the edge of service

delivery. In the industry of insurance, most important role is of the

agent who hold the key of the business. As far as United India

Insurance Company Limited is concerned, it is a fast growing

insurance firm, which has different products broadly classified in

to twodifferent groups as Personal products and commercial

products.

Company has superior premium rates than competitors. Specially

‘Overseas Travel care policy’ is one of the product that has much

lower rates thancompetitors.

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SUGGESTIONS

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 1. Advertisement is the best medium for increasing the business so

companyshould go for it, especially for ‘ Paper Advertising’.

2. Company should give some cashless facilities to customers.

3. Company should be liberal on low claim settlement.

4. Company should go for untouched areas of the count

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BIBLIOGRAPHY

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 Marketing Management:- Philip Kotler.

The Essence of Services Marketing: - Adrian Payne.

Online links :
https://en.wikipedia.org/wiki/Insurance#Insurance_companies

https://www.podium.com/article/insurance-marketing/

https://cbseacademic.nic.in/web_material/Curriculum20/publicatio
n/srsec/814%20Insurance%20%20XI.pdf

Take reference of :
Marketing concept in insurance companies
 January 2019
 Ekonomika 65(3):21-33
DOI:10.5937/ekonomika1903021C
 License
 CC BY-NC 4.0
Authors:

Nikola Ćurčić

Google form link

https://forms.gle/p6kzAbcGu4evVVA29

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Thank You.