Public Sector Insurance Companies
1. Life Insurance Corporation of India (LIC)
The Life Insurance Corporation of India was incorporated by an act of Parliament called the Insurance Act, 1956, with the merger of 243 companies on September 1, 1956 LIC is governed by Insurance Act, 1938, LIC Act, 1956, LIC regulation, 1956, and Insurance Regulatory and Development Authority Act, 1999 As on March 31, 2016, LIC in India has regional offices, 113 divisional offices, 2048 branch offices, 73 customer zones, 1401 satellite offices and 1240 small offices
The corporation has branch offices in Fiji, in Mauritius and in the United Kingdom It is used in foreign insurance markets such as Manama (registered in Bahrain) Life Insurance Corporation (International) B.S.C.(C) are also operated by kenindia Assurance Co. Ltd. registered in Nairobi; Life Insurance Corporation (Lanka) registered in Kathmandu and Joint Venture (JV) companies in Saudi Indian company for corporate insurance (SICCI) registered in Riyadh LIC has also formed Life Insurance Corporation of India (LIC),
A joint venture company of Bangla Desh Ltd. on 14.12.2015 between Life Insurance Corporation of India, Strategic Equity Management Limited and mutual trustee bank Limited Wholly owned subsidiary Life Insurance Corporation (Singapore) Private Limited has been established on 30.04.2012 Two of the above joint ventures (JVs), kenindia EshoRense Company Limited, Nairobi, Kenya and Saudi Indian company for co-operative insurance2arens (SICCI), Riyadh, Kingdom of Saudi Arabia are joint ventures operating life and non-life business; And two JVs, LIC (Nepal) limited and SICCI are listed on their respective stock X changes
2. General Insurance Corporation of India
The general insurance industry was nationalized in 1972 and the 107 insurers were grouped and integrated into four companies-the National Insurance rains Company Limited, the New India Assurance rains Company Limited, the Oriental Insurance Company Limited, and the United India Insurance Company Limited GIC was incorporated in the year 1972 and four other companies were formed as its subsidiaries In November 2000 GIC was notified as an Indian reinsurer and ended its role as supervisory over its subsidiaries With effect from 21 March 2003,
GIC’s holding role over its subsidiaries was also abolished and its ownership was transferred to the government of India The head office of the corporation is in Mumbai and 3 liaison offices are in India( Delhi, Kolkata and Chennai), 3 branches are abroad (London, Dubai and Kuala Lumpur) and 1 representative office is in Muscat Two of its foreign subsidiaries, comp(Nian (GIC Re South Africa and GIC Re India corporate members Limited), are U.S. companies.K. There are also As on 31.03.2016, the number of employees of the corporation is 558 The authorized capital is Rs 1000 crore while the paid-up equity capital of the company is Rs 430 crore
3. Nup India Assurance 0rance Company Limited
The company was established by Sir Dorab ji on July 23, 1919 and was nationalized by a merger of Indian companies in 1973 As of 31.03.2016, the company has 2329 offices and 18783 employees The company provides insurance services to customers in almost all segments of the general insurance business with more than 170 products The authorized capital and paid-up equity capital of the company are Rs 300 crore and Rs 200 crore respectively
4. United India Insurance Company Limited
United India Insurance Company Limited was incorporated in 1938 With the nationalization of general insurance business in India, the overseas operations of 12 Indian insurance companies, 4 corporate insurance societies and 5 foreign insurers, all these companies except the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited As of 31.03.2016, the company has 2080 offices and 16345 employees The company provides insurance services to customers in almost all segments of the general insurance business The authorised capital and paid-up equity capital of the company are Rs 200 crore and Rs 150 crore respectively
5. The Oriental Insurance Company Limited
The Oriental Insurance Company Limited was incorporated in 1947 In 2003 the shares of the company to be held by the General Insurance Corporation of India were transferred to the government of India As of 31.03.2016, the company has 1924 offices and 13923 employees in the country The company provides insurance services to customers across almost all segments of the general insurance business9 The authorized capital and paid-up equity capital of the company is Rs 200 crore
6. National Insurance Company Limited
This company was incorporated in 1906 After nationalisation it was merged with 21 foreign and 11 Indian companies to form National Insurance Company Limited As on 31.03.2016, the company has 1998 offices and 15079 employees across India This company provides insurance services to customers of almost all segments of the general insurance business The authorised capital and paid-up equity capital of the company are Rs 200 crore and Rs 100 crore respectively
7. Agriculture Insurance Company of India Limited
Agriculture insurance’s was incorporated in December 20, 2002 under the Companies Act, 1956 to cater to the insurance requirement of those persons engaged in agriculture and related activities in India. 5 General Insurance Corporation of India (GIC), NABARD and four public sector general insurance companies have contributed to the share capital of the company The company has an initial paid-up equity share capital of Rs 200 crore with an authorized share capital of Rs 1500 crore
The company commenced its business operations from April 1, 2003, on receipt of approval from the Insurance Regulatory and Development Authority (IRDA) As of March 31, 2015, its total number of employees across the country is 274 It has its head office in New Delhi, 17 regional offices in different state capitals and district level There are 3 one staff office on the
