The Union Cabinet on Wednesday gave an in-principle approval to pump in Rs 2,500-crore capital into three public sector general insurance companies. These three insurers are Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). The Cabinet has allowed “immediate release of Rs 2,500 crore in the light of the critical financial position and breach of regulatory solvency requirements” of these general insurers”, an official statement said.
Briefing reporters here, Union Minister Prakash Javadekar said the capital has been infused in the light of the critical financial position and breach of regulatory solvency requirements of the general insurers.’