The cabinet has approved an amendment to the General Insurance Business (Nationalisation) Act, 1972 paving the way for privatisation of one state-run general insurer.
At present, there are four state-run general insurance companies - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and the United India Insurance Company Limited.
According to reports, NITI Aayog which was to recommend suitable candidates for privatisation has suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary.
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