Union Cabinet approves capital infusion to 3 general insurance companies
The Union Cabinet approved a proposal for capital infusion and immediate release of Rs 2,500 crore to three state-owned general insurance companies. The three public sector companies are: United India Insurance, National Insurance Company and Oriental Insurance Company.
The capital infusion is announced at the backdrop of their critical financial position and breach of regulatory solvency requirements, stipulated by the insurance regulator IRDAI. The companies are expected to be merged in this year.