Govt Yet To Finalise Privatisation of Non-life Insurer
The government is yet to finalise its non-life insurance companies that would be privatised, the Parliament was told on Monday.
 
"As per inputs received from Department of Investment and Public Asset Management, Government has not yet decided on the Public Sector General Insurance Companies (PSGICs) that are to be privatised," minister of state for finance, Bhagwat Karad, told the Lok Sabha in a written reply.
 
The Central government owns four general insurers viz.,—National Insurance Company Ltd, The New India Assurance Company Ltd (already listed), The Oriental Insurance Company Ltd, and United India Insurance Company Ltd.
 
Finance minister Nirmala Sitharaman had earlier said the government will privatise one of the three general insurance companies.
 
The government also said it is in receipt of a proposal from the General Insurers' (Public Sector) Association of India (GIPSA) for capital infusion for PSGICs towards supporting their solvency position.
 
As to the wage revision for employees in the four insurance companies, the government told the Lok Sabha that it has not got any wage settlement/revision proposal from GIPSA.
 
It said that the four insurers hold wage revision negotiations with the unions through GIPSA.
 
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