The Union Cabinet led by Prime Minister Narendra Modi gave the in-principle approval for capital infusion for three Public Sector General Insurance Companies (PSGICs), namely, Oriental Insurance Company Limited (OICL), United India Insurance Company Limited (UIICL), and National Insurance Company Limited (NICL).
Approval:
♦ The Cabinet has allowed the immediate release of Rs.2500 Crore for the 3 PSGICs.
♦ The capital infusion is in light of the critical financial position and breach of regulatory solvency requirements of 3 PSGICs.
♦ The move by the cabinet is to make these companies meet the solvency ratio criteria of the Insurance Regulatory Development Authority (IRDA).
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