- The central government has infused a total of ₹5,000 crore in three public sector general insurance companies namely Oriental Insurance Company Limited (OICL), National Insurance Co. Ltd. (NICL) and United India Insurance Co. Ltd. (UICL). The individual capital infusion in these three insurance company is given below:
- NICL- Rs 3,700 Crore
- OICL- Rs 1,200 Crore
- UICL- Rs 100 Crore
- With this, the authorised share capital of these insurance companies has now been increased. The details of new authorised capital is given below:
- Authorized capital of NICL= ₹15,000 crore
- Authorized capital of OICL= ₹7,500 crore
- Authorized capital of UICL= ₹7,500 crore
- Authorised share capitals of entities are increased from time to time to enable subscription of capital.
Points to remember:
- Authorised share capital of these three insurance company
- Amount of capital infused in these three insurance companies
Source: economic times