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The General Insurance Corporation of India Limited (GIC), a Government Company registered under the Insurance Act, 1938 as well as the Companies Act, 1956 having been notified as “Indian Reinsurer” has ceased to carry on direct insurance business with effect from 21 March 2003. The following companies, which were subsidiary companies of the General Insurance Corporation of India Limited till 21 March 2003, conduct business in all areas of insurance.
National Insurance Company Limited (NIC), Kolkata.
The New India Assurance Company Limited (NIA), Mumbai.
The Oriental Insurance Company Limited (OIC), New Delhi.
United India Insurance Company Limited (UIIC), Chennai.
Sources of Funds
Paid up capital, reserves, profits and premium income. It operate in the money and capital markets, earn on underwriting and making of long term loans and investments.
Main Objectives are
These bodies assist small scale industries, units in backward areas, new entrepreneurs etc. Industrial Development Corporations, Industrial Investment Corporations were set up by some states for promotion, infrastructural development, financial, managerial and entrepreneurial guidance to the industrialists, provision of industrial sheds/plots for setting up of small units etc.
