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State blacklists SBI Life for delaying payments

Jan 30 2013, 03:03 IST
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SummaryHaryana's ambitious Resettlement and Rehabilitation (R & R) policy has hit a roadblock after the state government on Tuesday blacklisted the SBI Life Insurance Company and debarred it from doing any business with the government or any of its subsidiaries for three years on the grounds that the company had intentionally delayed the distribution of annuity to land owners.

Haryana's ambitious Resettlement and Rehabilitation (R & R) policy has hit a roadblock after the state government on Tuesday blacklisted the SBI Life Insurance Company and debarred it from doing any business with the government or any of its subsidiaries for three years on the grounds that the company had intentionally delayed the distribution of annuity to land owners.

The company failed to perform the collection and validation of the required data, which was one of the primary objectives assigned to it by the state government.

“The government withdrew and cancelled the bid awarded to the company for delaying the entire process of distribution of annuity to the land owners under the Resettlement and Rehabilitation (R&R) Policy of the state government,” a finance department spokesperson stated.

The state government, in February 2011, had issued an Expression of Interest (EoI) inviting bids from insurance companies or banks for purposes of providing services for disbursement of annuity to land owners under its R & R policy. “Bid-cum-tender documents were submitted by SBI Life Insurance Company Limited on March 31, 2011. After receipt of the bid documents, several rounds of negotiations and discussions were held between the company and the government with respect to various stipulations and conditions stated in the draft Service Level Agreement including the obligation of the company as service provider with respect to collection and validation of data of the beneficiaries under the scheme of annuity. The decision was thus taken by the government on July 25, 2011 and August 11, 2011 for making payment of annuity under R&R policy by allocation of work amongst the selected insurance companies and Letter of Intent (LOI) was issued to the company on September 6, 2011. The LOI was also issued on specific and unambiguous stipulation that the LOI would be subject to execution of Service Level Agreement (SLA).This was expressly communicated to the company that the Government reserved its right to withdraw the said LOI in the event of failure of company to execute the Service Level Agreement,” a state government spokesperson mentioned.

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