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The New India Assurance Co. Ltd. (NIACL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai , [ 5 ] it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations. [ 6 ]
The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United India Fire & General Insurance Company Limited, Madras, Oriental Fire & General ...
The Indian Life Assurance Companies Act, 1912 was the first statute regulating life insurance. In 1928 the Indian Insurance Companies Act was enacted to enable the government to collect statistical information about life- and non-life-insurance business conducted in India by Indian and foreign insurers, including provident insurance societies.
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New Delhi: 2008 19 National Insurance Company: Govt. Kolkata: 1906 20 New India Assurance: Govt. Mumbai: 1919 21 Raheja QBE General Insurance: Private Mumbai: 2007 22 Reliance General Insurance: Private Mumbai: 2000 23 Care Health Insurance Ltd Private Gurugram: 2012 24 Royal Sundaram General Insurance: Private Chennai: 2000 25 SBI General ...
By 2020 Indian Insurance is a US$280 billion industry. However, only 500 million people (36.23% of the total population of 1 billion) are covered under Mediclaim. [6] ...
New India Assurance Co. Ltd., and United India Insurance Co. Ltd. [4] [5] AIC is under the administrative control of Ministry of Finance, Government of India, and under the operational supervision of Ministry of Agriculture, Government of India. Insurance Regulatory and Development Authority (IRDA), Hyderabad, India, is the regulatory body ...
The Insurance Repository in India is a database of insurance policies. It allows policy holders to make revisions to a policy. It allows policy holders to make revisions to a policy. It launched on 16 September 2013.