Corporate Social Responsibility is largely defined as a commitment to behave ethically and contribute to economic

development while improving the quality of life of our workforce and their families as well as the local community at
large.

Max New York Life Insurance believes that as a corporate it has a responsibility to engage with the society it
operates in. This engagement should go beyond providing right products for their needs and being ethical and
honest in our business practices.

Max New York Life Insurance believes in caring for the society and has decided to focus on providing a safe and
secure future to the children in the age group 0-12 years. The company works closely with Max India Foundation, an
independent social service organization of Max India Group. The company has taken up immunization as its societal
agenda to ensure protection against major ailments for the next generation of the country. The company’s
immunization program has provides immunization shots to children through immunization camps across the country.
The Immunization Program covers vaccines like BCG, Hepatitis B vaccine, Polio drops, DPT, D Tap, Measles
vaccine, MMR, Typhoid, dT and TT. Since July 2008, when the immunization program was initiated, Max New York
Life Insurance has provided vaccines to over 10,000 children in around 60 locations. In 2009, the first full year of
immunization program, Max New York Life provided 13,486 immunization shots to 5,155 children through 109
camps.

Max New York Life Insurance and Max India Foundation along with Manav Sewa Sanidhi also organizes artificial
limbs and polio caliper camps. Through each camp beneficiaries are provided artificial limbs or polio calipers.
Volunteers from Max New York Life help in creating awareness, manage registration and provide help during the
week long camp where the patients stay till the time they could independently move. In each such camp more than
350 beneficiaries are provided artificial limbs.
The company volunteers also actively participate in health camps organized by Max India Foundation where patients
are provided health advise by a team of doctors from Max Healthcare. During 2009, Max India Foundation organized
15 health check up and awareness camps benefiting 10,196 people.

Company Profile
max new york life insurance
Mumbai, Maharashtra, India

Finance Products - Services,

Public. Ltd. Firm Since 2001

Max New York Life Insurance Company Ltd. Is a joint venture between New York Life; a
Fortune 100 company and Max India Limited; one of India's leading multi-business
corporations. The company has positioned itself on the quality platform. In line with its
vision to be the Most Admired Life Insurance Company in India, it has developed a strong
corporate governance model based on the core values of excellence, honesty, knowledge,
caring, integrity and teamwork. The strategy is to establish itself as a Trusted Life
Insurance Specialist through a quality approach to business.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line
with its values of financial responsibility, Max New York Life has adopted prudent financial
practices to ensure safety of policyholder's funds. The Company's paid up is Rs. 1, 232
crore.

Having set a Best in Class Agency Distribution Model in place, the company is
spearheading a major thrust into additional distribution channels to further grow its
business. The company has multi-channel distribution that includes the agency
distribution, partnership distribution, bancassurance, distribution focused on emerging
markets and alliance marketing through employed sales force. The company currently has
33 bancassurance relationships, 14 corporate agency tie-ups and direct sales force at 14
locations. Max New York Life has put in place a unique hub and spoke model of distribution
to deepen rural penetration. The company has 39 (9 hub office 30 spoke offices) offices
dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of
flexible products. It now has 38 products covering both life and health insurance and 8
riders that can be customized to over 800 combinations enabling customers to choose the
policy that best fits their need. Besides this, the company offers 6 products and 4 riders in
group insurance business.

The company currently has more than 11, 338 employees.

Private Players in Insurance - It was only in 2001 that the private sector was
allowed to enter the insurance industry. The Insurance Regulatory and
Development Authority of India (IRDA) regulates the insurance business in India.

Many corporates and scheduled banks are jumping into the fray of insurance
business.

Till October 2006 31, companies registered with IRDA of which 16 were in the business of life
insurance and 15 in general insurance. They have established there branches several cities. These
companies have been expanding their product range keeping in view the emerging needs of the
consumers.

Creative and innovative marketing strategies are being evolved and introduced to fetch more and
more business, beat the competition and opening up lucrative career options for the career seekers.

Based on Malhotra Committee recommendations, the government opened up the

insurance sector to the private players. This has been done in order to widen the
scope of insurance in India.

This is all the more significant because as on date there is a substantial insurable
population which does not have any kind of life or health insurance cover.

The big change in recent times in this sector has been the entry of private players, many of whom
have tie-ups with large, overseas insurance players.

Some of the Private Life Insurance Companies that have started operation in India not long ago,
forcing the govt. sector to become more competitive, are ING Vysya, Max New York Life Insurance
Company, Om Kotak Mahindra, Tata AIG Life Insurance Company, Birla Sun Life Insurance, Reliance
Life Insurance, HDFC Standard, ICICI Prudential Life Insurance etc., while in the Non-life segment,
the major private players are Royal Sundaram, Reliance General Insurance, Tata AIG General
Insurance etc.

These new players

have brought with
them a variety of
products, more
competition and
Innovation. The
aggressive
marketing
techniques
 adopted by these
players is
expected to raise
awareness about
the need to buy
insurance products
for the coverage
they offer, rather
than for tax
exemption.

Chennai, Aug 26 (IANS) The Insurance Regulatory and Development Authority (IRDA)
Thursday fined the life and non-life insurance companies promoted by Bharti Axa combine
for violation licensing norms after changes in the ownership pattern of the promoting
companies.
The insurers - Bharti Axa Life Insurance Company and Bharti Axa General Insurance
Company - have been fined Rs.1 million each by IRDA.

Both the insurers are 74:26 joint venture between India’s Bharti group and French
insurance group Axa.

Forty percent of the Indian group’s stakes in the life and non life insurance companies is
held by Bharti Ventures Ltd which in turn was owned by a partnership firm Bharti
Enterprises.

The remaining 34 percent in both the insurance companies are held by other group outfits.

In January 2010, the partnership firm Bharti Enterprises was converted into a private
limited company under Companies Act with the name Bharti Enterprises (Holding) Private
Ltd.

The newly incorporated Bharti Enterprises (Holding) held 97.57 percent shares in Bharti
Ventures thereby making the latter a subsidiary of the former.

According to IRDA’s Registration Regulations of insurance companies, no Indian

company which is a subsidiary of another corporate entity can promote an insurance
company.

The status change of Bharti Enterprises from a partnership firm to a private limited
company which in turn violated insurance regulations and the non-intimation of the IRDA
by the two insurers invited the wrath of the insurance regulator.

Both the insurers were served with show cause notices by IRDA for not furnishing the
change in ownership pattern of the promoter entity.

On receipt of the notice Bharti Axa Life and Bharti Axa General confirmed to IRDA about
the change in the incorporated status of Bharti Enterprises owing to group restructuring
initiative.
Both the insurers requested IRDA for additional time to examine the options for
restructuring Bharti Ventures Ltd’s shareholding so that it confirms to the regulations.

However, they did not offer reasons for the violation. During the personal hearing held
Aug 16 both the insurers submitted to IRDA that the non-compliance was inadvertent and
may be condoned.

Not agreeing with the pleading of ‘inadvertent omission’ the insurance regulator has
ordered payment of fine Rs.10 lakh each within 15 days from the date of receipt of the
order.