Merger of three PSU General Insurance Companies: National Insurance Company Limited, United India Assurance Company Limited and Oriental India Insurance Company Limited will soon be merged into a single insurance entity. The move was announced by Finance Minister Nirmala Sitharaman in her maiden Budget 2019-20 speech, proposing to amend the General Insurance Business (Nationalisation) Act, 1972 to enable the merger of non-life insurance companies. The Finance Bill, announced alongside the Budget 2019-20, proposed to replace the “there will be four companies” statement of a 1972 act section with “there will up to four companies”.
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