Great update on LIC merger, these four government insurance companies will merge! Learn details

Business News Desk, Another big news is coming between privatization and merger in the country. Now four government insurance companies of the country can be merged with LIC. These include National Insurance, New India Assurance, Oriental Insurance and United India Insurance Companies. Traders say that it has been proposed to amend the Insurance Regulatory and Development Authority Act (IRDA) 1999 and Insurance Act 1938. What was said in the proposed amendment? The proposed amendments said that there should only be a recognized company to sell life and life insurance policies in the country, which will facilitate the insurance regulator to eliminate statutory limits by determining the required minimum capital. It was also told that another agricultural insurance company could be put together. In fact, a senior Finance Minister, Finance Minister Nirmala Sitharaman, earlier announced that only four companies could form the government in terms of strategic areas. That is, in this way, the government can merge its four non-life insurance companies in LIC. On the other hand, employees of these companies also demanded a merger of these businesses in LIC. On the other hand, the command of Lic comes into private hands that people now have the chance to become chairman in LIC. It is noteworthy that this is the first time in 66 years when Lic’s control has gone into the hands of a private chairman. According to the rules so far, the company’s MD has been made chairman. Share this story