The Cabinet Committee on Economic Affairs has given the go-ahead to five public sector general insurance companies to sell their shares and seek listing on stock exchanges. The government plans to reduce its stake in New India Assurance Co. Ltd, United India Insurance Co. Ltd, Oriental Insurance Co. Ltd, National Insurance Co. Ltd and the reinsurer General Insurance Corp. of India (GIC Re) to 75% from 100%. Public shareholding will ensure higher levels of transparency and accountability and will also allow the insurers to raise money from the capital market, instead of depending on the government. What does this mean for the policyholder? We explain.
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