National Insurance Company Limited

Topics: Insurance / Pages: 11 (2737 words) / Published: Dec 15th, 2012
National Insurance Company Limited (NICL) is one of the largest and fastest growing general insurance companies in India. The company headquartered Kolkata was established in 1906, and nationalized in 1972.[1][2] Contents [hide] * 1 History * 2 Company Profile * 3 Products and services * 3.1 Awards * 4 References | Public-sector undertaking | Industry | Insurance | Founded | 1906 | Headquarters | Kolkata, India | Area served | South Asia | Total assets | INR 88.67 Billion | Owner(s) | Government of India | |
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[edit]History
After nationalization in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC).
NICL was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002.[3] In April, 2004, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi. [4]
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[edit]Company Profile
National Insurance Company Limited was incorporated in 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 amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country

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