Haryana blacklists SBI Life Insurance Company Ltd
Chandigarh, Jan 29 : The Haryana Government has blacklisted the SBI Life Insurance Company Limited and withdrew and cancelled the bid awarded to it for delaying the entire process of distribution of annuity to the land owners under the Resettlement and Rehabilitation (R and R) policy of the state government
Stating here today, an official spokesman said stringent actions, including debarring SBI Life Insurance Company Limited from doing any further business with the state or any of its Department could also be taken as per the law
He said an Expression of interest (EOI) was issued in February, 2011 inviting bids from insurance companies or banks for purposes of providing services for disbursement of annuity to the land owners under R and R policy of the state government
Bid-cum-tender document were submitted by SBI Life insurance Company Limited on March 31, 2011. He said after receipt of the bid documents, several rounds of negotiations and discussions were held between the noticee and the Government with respect to various stipulations and conditions stated in the draft Service Level Agreement including the obligation of the noticee as service provider with respect to collection and validation of data of the beneficiaries under the scheme of Annuity
The spokesman further said the decision was thus taken by the Government on July 25, 2011 and August 11, 2011 for making payment of Annuity under R and R policy by allocation of work among the selected insurance companies and letter of intent (LOI) was issued to noticee on September 6, 2011
The said 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 noticee that the Government reserved its right to withdraw the said LOI in the event of failure of noticee to execute the Service Level Agreement, he added