Irdai requests revised business plans from three public insurance companies – List

Insurance industry regulator Irdai has requested revised business plans from three state-owned general insurance companies – National Insurance Company Ltd, United India Insurance Company Ltd and Oriental Insurance Company Ltd – which are facing financial problems, said a senior official.

The three public general insurance players will have to meet certain regulatory milestones, set by the regulator, in order to be able to secure an injection of funds, Irdai (non-life) member TM Alamelu said on Thursday.

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“For these three public sector general insurance companies, we have requested revised business plans. The injection of funds would depend on them meeting certain milestones that we have set out so that there is a calibrated way out. this situation,” Alamelu said. journalists.

She, along with the Chairman of the Insurance Regulatory and Development Authority of India, Debasish Panda, and other senior officials, met with CEOs and other key officials from life, general, health and reinsurers insurers in Mumbai.

The Irdai chairman said that the government asked Irdai for information on state-owned general insurance companies and the same was shared with them.

“The government is very aware of the current financial situation of insurance companies. The regulator has shown some tolerance in also advising them to need to inject more capital to perform better,” Panda said.

Recently, in the third batch of supplementary requests for the current financial year, the government requested Rs 5,000 crore for the recapitalization of four public sector general insurance companies.

Kristan F. Talley