Thursday, October 15, 2015
by
Indian Real Estate News
National Insurance Co Ltd
National Insurance Company Limited (NIC) was incorporated in 1906 with its registered office in Kolkata. After the General Insurance Business Nationalization Act was passed in 1972, 21 foreign and 11 Indian insurers were amalgamated with it and NIC became a subsidiary of the General Insurance Corporation of India (GIC), a Government of India-owned entity.
In 2002, after the notification of the General Insurance Business (Nationalisation) Amendment Act, NIC has been de-linked from GIC; at present, it operates as a Government of India undertaking.
NIC is one of the leading public sector non-life insurance companies in India. It has a network of about 1000 offices and more than 16,000 personnel. Its foreign operations are carried out from its branch offices in Nepal and Hong Kong.
National transacts its business in the fire, marine and miscellaneous insurance sectors. It offers more than 180 policies catering to the diverse insurance requirements of its 10 million policyholders.
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