Saturday, January 28, 2023

LIC is going to merge, these four government insurance companies will be merged!

LIC Merger News: Another big news is coming out between privatization and merger happening in the country. Now four government general insurance companies of the country can be merged with LIC. These include National Insurance, New India Assurance, Oriental Insurance, and United India Insurance Company. Traders say that amendments have been proposed under the Insurance Regulatory and Development Authority (IRDA) Act 1999 and the Insurance Act 1938.

What is said in the proposed amendment?

The proposed amendments state that there should be only one recognized company to sell life and non-life insurance policies in the country, which will facilitate the insurance regulator to do away with statutory limits by prescribing the minimum capital required. It is also reported that another agriculture insurance company may be merged with it. In fact, giving information on this subject, a senior official said, Finance Minister Nirmala Sitharaman had earlier announced that only four companies can form the government in the case of strategic sectors. That is, in this way the government can merge its four non-life insurance companies with LIC. On the other hand, the employees of these companies have also been demanding the merger of these companies with LIC.

LIC’s command in private hands for the first time

On the other hand, big news is coming out that now private sector people will get a chance to become chairman of LIC. It is worth mentioning that this is happening for the first time in 66 years when the command of LIC will be in the hands of a private chairman. According to the rule till now, the MD of the company has been made its chairman.

Read More: Policy of LIC, the life of investors is set! You also know the benefits

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