Cabinet to take final call on listing of PSU insurers -Governance Now

Cabinet to take final call on listing of PSU insurers

The finance ministry had circulated a draft cabinet note for inter-ministerial consultations on the listing

GN Bureau | November 8, 2016

#New India Assurance #National Insurance Company #Oriental Insurance Co #United India Insurance Co

The cabinet is likely to take a final call on the listing of public sector general insurance companies this month. Last week, the finance ministry had circulated a draft cabinet note for inter-ministerial consultations on the listing of four general insurance public sector companies, according to news report.

These companies are New India Assurance Company, National Insurance Company, Oriental Insurance Co and United India Insurance Co.

In the union budget 2016-17, finance minister Arun Jaitley had announced the listing of such companies. He had said, “...(proposed to) undertake important banking sector reform and public listing of public sector general insurance and undertake significant changes in FDI policy."

Also, last year the government allowed foreign insurance players to raise their stake in their joint venture to 49%. Earlier, only up to 26% FDI was permitted. There are 52 insurance companies operating in India, of which 24 are in life business and 28 general insurance.

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