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Date: 26-Jul-2023 Category: Extra Ordinary State: Union Government Country: India

Amendment to Paragraph 49 of the General Insurance Employees Pension Scheme 1995.

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the General Insurance (Employees’) Pension (Amendment) Scheme, 2023. This scheme amends the General Insurance (Employees’) Pension Scheme, 1995.

Key Changes

  • The amendment modifies paragraph 49 of the General Insurance (Employees’) Pension Scheme, 1995.
  • Specifically, it substitutes the phrase 'two years' with 'one year' in sub-paragraphs (1) and (6) of paragraph 49.
  • The amendment comes into effect on the date of its publication in the Official Gazette, which is July 26, 2023.

Impact Analysis

Impact on Employees of General Insurance Companies

  • The exact implications will depend on the context of the original 'two years' phrase within the pension scheme.

Impact on General Insurance Companies

  • There may be a need to recalculate pension liabilities or future contributions based on this amendment.

Suggested Action Items

  • Seek legal or actuarial advice to ensure full compliance with the amended scheme.

Key Entities Referenced

Central Government: The issuer of the gazette notification and the authority responsible for amending the General Insurance (Employees’) Pension Scheme, 1995, under the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972. General Insurance (Employees’) Pension Scheme, 1995: The original pension scheme that is being amended by this notification. General Insurance (Employees’) Pension (Amendment) Scheme, 2023: The name of the amendment scheme introduced by this gazette notification. General Insurance Business (Nationalisation) Act, 1972: The Act that provides the Central Government with the power to amend the pension scheme via section 17A. Ministry of Finance (Department of Financial Services): The government ministry responsible for issuing the notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-26072023-247620 xxxGIDHxxx CG-DL-E-26072023-247620 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3201] नई ददल्ली, बुधिार, िुलाई 26, 2023/श्रािण 4, 1945 No. 3201] NEW DELHI, WEDNESDAY, JULY 26, 2023/SHRAVANA 4, 1945 जित्त मत्रं ालय (जित्तीय सिे ाएं जिभाग) अजधसचू ना नई ददल्ली, 26 िुलाई, 2023 का.आ. 3346(अ).—केन्द्रीय सरकार, साधारण बीमा कारबार (राष्ट्रीयकरण) अजधजनयम, 1972 (1972 का 57) की धारा 17क द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, साधारण बीमा (कममचारी) पेंिन योिना, 1995 का और संिोधन करने के जलए जनम्नजलजखत स्ट्कीम जिरजचत करती ह,ै अथामत:्- 1. संजिप्त नाम और आरंभ – (1) इस योिना का संजिप्त नाम साधारण बीमा (कममचारी) पेंिन (संिोधन) अजधजनयम, 2023 ह।ै (2) यह रािपत्र म ेंइसके प्रकािन की तारीख को प्रिृत्त होगी। 2. साधारण बीमा (कममचारी) पेंिन योिना, 1995 के पैरा 49 के उप-पैरा (1) और (6) में ‘दो िर्म’ िब्दों के स्ट्थान पर ‘एक िर्म’ िब्द रखे िाएगं े। [फा. सं. एम-16017/19/2023-बीमा-I] मुकेि कुमार बंसल, संयुि सजचि टिप्पण : मलू स्ट्कीम अजधसूचना संखयांक का.आ.585(अ) तारीख 28 िून, 1995 द्वारा प्रकाजित की गई थी और तत्पश्चात, अजधसूचना संखयांक का.आ.475(अ) तारीख 3 िलु ाई, 1996, का.आ.342(अ) तारीख 22 अप्रैल, 1997, का.आ.461(अ) तारीख 18 िनू , 1999, का.आ.1221(अ) तारीख 6 ददसंबर, 1999, का.आ.590 (अ) तारीख 4821 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 22 िून, 2000, का.आ.775(अ) तारीख 14 अगस्ट्त, 2001, का.आ.1086 (अ) तारीख 2 निंबर, 2001, का.आ.778(अ) तारीख 5 िलु ाई, 2004, का.आ.636 (अ) तारीख 4 मई 2005, का.आ.1794(अ) तारीख 19 अिूबर, 2006, का.आ.2473(अ) तारीख 8 अिूबर, 2010 और का.आ.236(अ) तारीख 23 िनिरी, 2016 द्वारा संिोजधत की गई। MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th July, 2023 S.O. 3346(E).—In exercise of the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby frames the following Scheme further to amend the General Insurance (Employees’) Pension Scheme, 1995, namely :- 1. Short title and commencement. – (1) This Scheme may be called the General Insurance (Employees’) Pension (Amendment) Scheme, 2023. (2) It shall come into force on the date of its publication in the Official Gazette. 2. In the General Insurance (Employees’) Pension Scheme, 1995, in paragraph 49, in sub-paragraphs (1) and (6), for the words ‘two years’, the words ‘one year’ shall respectively be substituted. [F. No. M-16017/19/2023-Ins-I] MUKESH KUMAR BANSAL, Jt. Secy. Note : The Principal Scheme was published vide notification No.S.O.585 (E) dated the 28th June, 1995 and subsequently amended by notification No. S.O.475 (E) dated the 3rd July, 1996, S.O.342 (E) dated the 22nd April, 1997, S.O.461 (E) dated the 18th June, 1999, S.O.1221 (E) dated the 6th December, 1999, S.O. 590(E) dated the 22nd June, 2000, S.O.775 (E) dated 14th August, 2001, S.O.1086 (E) dated the 2nd November, 2001, S.O. 778 (E) dated the 5th July, 2004, S.O.636 (E) dated the 4th May, 2005, S.O.1794(E) dated the 19th October, 2006, S.O. 2473(E) dated 08th October, 2010 and S.O. 236(E) dated 23rd January, 2016. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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