Unknown Pages of Tirunelveli Diocese
“The Era of Corporate Geeks”
“Raise of First Insurance company in South India”
Disclaimer :
The common problem with people is when I say corporate they misunderstood its meaning. Corporate is the synonym of the word “company” which enlarges its wings on different sectors.
Is Tirunelveli Diocese corporate?
First, We need a clear understanding about what is Tirunelveli Diocese and its administration structure. CSI Tirunelveli diocese is Christian organization which preaches the Gospel and does Christ’s works. When the organization grows, there we should manage administration skills and need proper governance to reach the organizational Goals. Likewise CSI Tirunelveli Diocese has an administration body which is TDTA (Tirunelveli Diocesan Trust Association). TDTA is a company which is under companies act, 2013.
More about TDTA :
TDTA registered as a company in 1919 in Companies Act 1913. It falls under section 8 company. So it wont show the “Pvt.Lmt” in its name. But it is a company (This should be remembered). It has CIN (Corporate Identification Number) and it has its own directors.
The Era of Corporate Geeks :
In 1850 there was a financial management system for the widows called “Widows fund” in Tirunelveli Diocese, which engaged and conformed widows’ survival and life. Later it got an extension called “Tinnevelly Diocesan Mutual Insurance Company Limited” which is the wing or part of the Tirunelveli Diocesan. The Notable information about this company is, it is the First insurance company in South India”.
Monster of Corporate Governance :
There was a Christian Mutual Insurance company at Lahore which couldn’t be managed by their management and was facing problems in its financial administration and corporate Governance because of the partition of India in 1947. So the Christian Insurance Company Limited handed over its administration and control to the well known Christian Corporate Monster Tinnevelly Diocesan. The Finance Sub-Committee of the Diocese appointed a Sub-Committee of five members to study the proposal of amalgamation of the CMI (Christian Mutual Insurance Company) with the Tinnevelly Diocesan Mutual Fund (This is another Legendary Step, i will explain it in another post). The committee researched and gave a positive report for the amalgamation. Then they transferred the head office of the CMI from Lahore to Tirunelveli Diocesan Trust Association’s office. Diocesan Treasurer becomes the managing Director of the Insurance Company.
Company Details:
Tinnevelly Diocesan Trust Association – Companies Act, 1913
Tinnevelly Diocesan Mutual Insurance Company Limited – Companies Act, 1913 and Insurance Act, 1938.
Centenary Celebration:
It’s Centenary Celebration conducted at the centenary hall, Palamcottah on 8-2-1950
Tinnevelly Diocesan Mutual Insurance Company Limited:
The Board of Directors met five times a year for consultation regarding the progress and efficient management of the company, and formulated new schemes. In 1952, the company introduced two new plans, namely, the immediate annuity and the Family annuity for retired persons who received no monthly pension.
The report of 31-12-1952 showed a “substantial surplus which was allocated to the policy-holders as bonus”.
This is the testimony of the Good Corporate Governance and management decision making. WE CAN SAY THAT TINNEVELLY DIOCESAN MUTUAL INSURANCE COMPANY LIMITED WON THE PEOPLE FAITH AND SUCCESSFULLY SERVE SERVICES TO THE PUBLIC.
Fall of Tinnevelly Diocesan Mutual Insurance Company Limited:
There is no management error or Bad corporate Governance for the fall of the Tinnevelly Diocesan Mutual Insurance Company Limited. On January 20, 1956, Indian Govt nationalized life insurance business and the government took over management of Insurance companies. Because of that, our Diocese handed over the management powers to the Government.
Regards,
Sujith S
Theologian,
Source :
Tinnevelly Diocesan Council Reports,
The Hindustan Times,
Annexure List of Insurers whose Management was taken Over by Gol through the Life Insurance (Emergency Provisions) Ordinance 1956