The Centre has raised the authorised capital of three public sector insurance companies – Oriental Insurance Company Limited (OICL), National Insurance Co. Ltd. (NICL) and United India Insurance Co. Ltd. (UICL) – to enable subscription of capital.
The individual capital infusion in these three insurance company is given below:
- NICL- Rs 3,700 Crore
- OICL- Rs 1,200 Crore
- UICL- Rs 100 Crore
With this, the authorised share capital of these insurance companies has now been increased. The details of new authorised capital is given below:
- Authorized capital of NICL= Rs. 15,000 crore
- Authorized capital of OICL= Rs. 7,500 crore
- Authorized capital of UICL= Rs. 7,500 crore
Authorised share capitals of entities are increased from time to time to enable subscription of capital.