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Updated: March 16, 2010 17:10 IST

No proposal for disinvestment in GIC: Ministry

PTI
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Minister of State for Finance Namo Narain Meena. Photo: Kamal Narang
PTI Minister of State for Finance Namo Narain Meena. Photo: Kamal Narang

The government on Tuesday said it has no plans to divest its stake in reinsurer General Insurance Corporation (GIC).

“...at present, there is no proposal for disinvestment in GIC,” Minister of State for Finance Namo Narain Meena informed the Rajya Sabha in a written reply.

He further said as a result of the opening up of the insurance sector, the public sector general insurance companies have faced increased competition.

“Keeping this in view, the public sector general insurance companies appointed professional consultants to devise a long-term business strategy,” Mr. Meena added.

The appointed consultants have given their recommendations and all the companies are implementing the same, he said.

GIC was designated as a reinsurer in 2000 to provide support to both public and private insurance companies. After opening up of the insurance sector and delinking from GIC in 2000, the four public sector general insurance companies namely National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company were registered under the Companies Act.

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