June 22, 2016
The process of listing of four public sector general insurance companies will be carried out one by one and a “lot of action” is expected in this arena shortly, a top official has said.
“Modalities are being worked out and I think we should see lots of action on that front in the next few months,” Economic Affairs Secretary Shaktikanta Das said. He was speaking at a business summit, according to the Press Trust of India. In the Budget presented last February, the government announced that the four public-sector general insurance companies would be listed. They are New India Assurance Company, National Insurance Company, Oriental Insurance Company, United India Insurance Company.
Several private-sector insurers are also considering obtaining a listing, either directly or indirectly. Ahead of insurance IPO exercises, IRDAI last week released draft guidelines for listed insurance companies. As of now, no insurer is listed in India.