{"id":231931,"date":"2020-07-08T17:11:35","date_gmt":"2020-07-08T11:41:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=231931"},"modified":"2020-07-08T17:23:23","modified_gmt":"2020-07-08T11:53:23","slug":"capital-infusion-for-three-public-sector-general-insurance-companies-cabinet-approves","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/08\/capital-infusion-for-three-public-sector-general-insurance-companies-cabinet-approves\/","title":{"rendered":"Capital infusion for three Public Sector General Insurance Companies: Cabinet approves"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Capital infusion of 3 Public Sector General Insurance Companies &#8212; Oriental Insurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">The Union Cabinet has approved the capital infusion for an overall value of Rs.12,450 crore; (including Rs. 2,500 crore infused in FY 2019-20) in the three Public Sector General Insurance Companies (PSGICs) namely Oriental Insurance Company Limited (OlCL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL) but of which Rs 3,475 crore will be released immediately; while the balance Rs 6475 crore will be infused later.<\/p>\n<p style=\"text-align: justify;\">Cabinet also approved increase in authorised share capital of NICL to Rs.7,500crore and that of UIICL and OlCL to Rs 5,000 crore respectively to give effect to the capital infusion. Further, the process of merger has been ceased so far in view of the current scenario and instead, the focus shall be on their profitable growth.<\/p>\n<p style=\"text-align: justify;\">The capital infusion of Rs 3,475 Crore will be allocated to three PSGICs viz. OlCL, NICL and UIICL as the first tranche in the current financial year and the. balance amount will be released in one or more tranches. To give effect to the infusion, the authorised capital of NICL will be increased to Rs 7,500 Crore and that of UIICL and OlCL to Rs 5,000 Crore respectively.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Impact<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">The capital infusion will enable the three PSGICs to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improved risk management.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Financial implications:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">In the current financial year, the immediate financial implication would be Rs 3,475 crore as a result of capital infusion in three PSGICs namely OlCL, NICL and UIICL as the first tranche which will be followed by Rs 6,475 Crore.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Way forward:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">To ensure optimum utilization of the capital being provided, the Government has issued guidelines in the form of KPIs aimed at bringing business efficiency and profitable growth. In the meanwhile, given the current scenario, the process of merger has been ceased so far and\/instead focus shall be on their solvency and profitable growth, post capital infusion.<\/p>\n<hr \/>\n<p><strong>Cabinet<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 08-07-2020]<\/strong><\/p>\n<p><strong>[Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capital infusion of 3 Public Sector General Insurance Companies &#8212; Oriental Insurance Company Limited, National Insurance Company Limited and United India Insurance <\/p>\n","protected":false},"author":8808,"featured_media":209514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[30554,39588,42418,42417,39587,42419],"class_list":["post-231931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet_decisions","category-legislationupdates","tag-cabinet","tag-capital-infusion","tag-national-insurance-company-limited","tag-oriental-insurance-company-limited","tag-public-sector-general-insurance-companies","tag-united-india-insurance-company-limited"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Capital infusion for three Public Sector General Insurance Companies: Cabinet approves | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, 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capital infusion for three Public Sector General Insurance Companies, namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). In view of the above, Cabinet has allowed the immediate release of Rs. 2500 Crore\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":324900,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/22\/cyril-amarchand-mangaldas-advised-the-underwriters-in-the-initial-public-offering-of-go-digit-general-insurance-limited\/","url_meta":{"origin":231931,"position":1},"title":"Cyril Amarchand Mangaldas advised the underwriters in the initial public offering of Go Digit General Insurance Limited","author":"Bhumika Indulia","date":"June 22, 2024","format":false,"excerpt":"CAM advised underwriters, namely, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Securities Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), (collectively, \u201cBRLMs\u201d) in the initial public offering of Go Digit General Insurance Limited (\u201cCompany\u201d, and such offering,\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Go Digit General Insurance Limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-11.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":324757,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/20\/cyril-amarchand-mangaldas-advises-zurich-insurance-company-ltd-on-acquisition-of-70-stake-in-kotak-mahindra-general-insurance\/","url_meta":{"origin":231931,"position":2},"title":"Cyril Amarchand Mangaldas advises Zurich Insurance Company Ltd. on acquisition of 70% stake in Kotak Mahindra General Insurance","author":"Bhumika Indulia","date":"June 20, 2024","format":false,"excerpt":"Cyril Amarchand Mangaldas acted as a legal counsel to Zurich Insurance Company Ltd on its acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI), comprising of subscription of equity shares issued by KGI and acquisition of equity shares from Kotak Mahindra Bank Limited (KMBL). The transaction\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Cyril Amarchand Mangaldas","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":319327,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/03\/cci-approves-axis-bank-equity-max-life-insurance\/","url_meta":{"origin":231931,"position":3},"title":"CCI approves Axis Bank\u2019s subscription to 14.26 Crores equity in Max Life Insurance","author":"Editor","date":"April 3, 2024","format":false,"excerpt":"The fair trade watchdog, Competition Commission of India, approved the subscription of 16.22 per cent equity shares of Max Life Insurance Company by Axis Bank Limited on 02-04-2024. The news of the transaction involving Axis Bank\u2019s stake in the private life insurer\u2019s company was first revealed by the insurer in\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"Axis Bank's equity in Max Life Insurance","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":377872,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/03\/10\/cam-advises-qbe-acquisition-raheja-qbe-general-insurance\/","url_meta":{"origin":231931,"position":4},"title":"Cyril Amarchand Mangaldas acted as legal counsel to QBE Holdings (AAP) Pty Ltd in connection with the acquisition of the entire shareholding of Prism Johnson Limited","author":"Editor","date":"March 10, 2026","format":false,"excerpt":"Upon completion, QBE will hold 100% ownership of the insurer, marking the first transaction enabling full foreign ownership in an Indian insurance company following the recent FDI liberalisation.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"QBE Acquisition Raheja QBE General Insurance CAM Advisory","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/QBE-Acquisition-Raheja-QBE-General-Insurance-CAM-Advisory.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/QBE-Acquisition-Raheja-QBE-General-Insurance-CAM-Advisory.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/QBE-Acquisition-Raheja-QBE-General-Insurance-CAM-Advisory.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/QBE-Acquisition-Raheja-QBE-General-Insurance-CAM-Advisory.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":336942,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/12\/10\/cyril-amarchand-mangaldas-advises-niva-bupa-health-insurance-company-limited-and-bupa-singapore-holdings-pte-ltd-and-fettle-tone-llp\/","url_meta":{"origin":231931,"position":5},"title":"Cyril Amarchand Mangaldas advises Niva Bupa Health Insurance Company Limited and Bupa Singapore Holdings Pte. 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