Merger of three PSU general insurers likely before next fiscal-end

The merger of the three public sector general insurance companies - National Insurance Company (NIC), United India Insurance and Oriental Insurance Company - is likely to be completed before the next financial year.The chiefs of the three insurance companies will have the first meeting with the government on merger on 16th of this month. "There is a departmental meeting on February 16th to discuss Budget pronouncements," said M N Sarma, CMD, United India Insurance, said on the sidelines of an insurance summit by Assocham here today.

"The merger is expected to be complete before the government presents the vote of account early next year," added Sarma. Union Finance Minister, Arun Jaitley, in his Budget speech, announced the proposal to merge the three public sector general insurance companies into a single entity. The combined entity would be subsequently listed, Jaitley said while presenting the Budget 2018-19 in Parliament.

Also, the merger would lead to rationalization of ...

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