Finance

Cabinet Note On Listing Of PSU Insurers To Be Issued Soon: Report

Cabinet Note On Listing Of PSU Insurers To Be Issued Soon: Report

New Delhi: The Finance Ministry will soon issue a draft Cabinet note on listing of public sector general insurance companies in line with the announcement made in the Budget.

“Cabinet note for consultation on listing of four PSU general insurance companies will be issues in the next few weeks,” sources said.

Final shape is being given to various issues including quantum of stake dilution, sources added.

Listing of PSU general insurance was announced by Finance Minister Arun Jaitley in his Budget for 2016-17.

“…(proposed to) undertaking important banking sector reform and public listing of public sector general insurance and undertaking significant changes in FDI policy,” he had said.

There are four public sector general insurance companies – New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd.

Besides, there are two specialised insurers – ECGC and AIC – one life insurance insurer, LIC.

Last year, the government allowed foreign insurance players to raise their stake in their joint ventures to 49 per cent.

Earlier, only up to 26 per cent FDI was permitted.

There are 52 insurance companies operating in India, of which 24 are in life insurance business and 28 in general insurance.

Story first published on: July 03, 2016 16:12 (IST)

Tags: PSU insurance companies, PSU insurers, general insurance companies,General insurance, FDI in insurance, Union Budget 2016-17, Arun Jaitley, New India Assurance Company Ltd, National Insurance Company Ltd

[“source-ndtv”]

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