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National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata.Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India.
The IMF estimated, in 2011, that Brunei was one of two countries (the other being Libya) with a public debt at 0% of the national GDP. In 2012, Forbes also ranks Brunei as the fifth-richest nation out of 182, based on its petroleum and natural gas fields.
The National Insurance Funds are used to pay for certain types of welfare expenditure and National Insurance payments cannot be used directly to fund general government spending. However, any surplus in the funds is invested in government securities, and so is effectively lent to the government at low rates of interest.
The Brunei Economic Development Board (BEDB) [a] is a statutory body established in 1975 under the Brunei Economic Development Board Act (Chapter 104). [ 3 ] [ 4 ] This legislation created the BEDB as a corporate entity with perpetual succession, empowering it to spearhead economic development initiatives in Brunei. [ 5 ]
The Department of Economic Planning and Statistics (DEPS) [a] is a government department overseen by the Ministry of Finance and Economy (MoFE). The department is in accordance to Wawasan Brunei 2035, it wants to support Brunei's long-term, sustainable economic growth by providing globally-recognised statistical data, implementation of the National Development Plan (NDP), and planning.
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AIA Group Limited, [3] often known as AIA (Chinese: 友邦保險; pinyin: Yǒubāng Bǎoxiǎn; Jyutping: Jau5 bong1 bou2 him2), is an American-Hong Kong–based multinational insurance and finance corporation.
Brunei's oil exports to the United States accounted for 17% of the total exported. Almost all of Brunei's natural gas is liquefied at Brunei Liquefied Natural Gas (LNG) plant, which opened in 1972 and is one of the largest LNG plants in the world. Over 82% of Brunei's LNG produced is sold to Japan under a long-term agreement renewed in 1993.