CURRENT AFFAIRS

Detailed explanation-1: -A notification issued by the finance ministry on April 13 said that for NICL the authorised capital will now be ₹15,000 crore, for OICL it will be ₹7,500 crore and for UICL, authorised capital has been raised to ₹7,500 crore from ₹5,000 crore.

Detailed explanation-2: -The government may infuse ₹3,000-5,000 crore additional capital in the three public sector general insurance companies based on their performance and requirement during the year, sources said.

Detailed explanation-3: -According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.

Detailed explanation-4: -Trusted Since 1906 66 years later, after passing of General Insurance Business Nationalisation Act in 1972, it was merged along with 21 foreign and 11 Indian companies to form National insurance Company Limited, one of the four subsidiaries of the General Insurance Corporation of India, fully owned by Govt. of India.

Detailed explanation-5: -National Insurance Company Limited is a Union Govt company, incorporated on 04 Dec, 1906. It’s a public unlisted company and is classified as’company limited by shares’. Company’s authorized capital stands at Rs 20000.0 lakhs and has 50.0% paid-up capital which is Rs 10000.0 lakhs.