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LATEST NEWS UPDATES | Modi government's decision to privatise United India Insurance indicates terrible consequences for general insurance sector -V Sridhar

Modi government's decision to privatise United India Insurance indicates terrible consequences for general insurance sector -V Sridhar

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published Published on Jul 13, 2021   modified Modified on Aug 8, 2021

-Frontline.TheHindu.com

THE Narendra Modi government’s penchant for indulging in ambushes as a means of unleashing policies is now all too obvious. Policies whether relating to vaccines or privatisation of key economic entities have been marked by bizarre U-turns, abrupt changes or abandonment of previously announced approaches. The idea of policies seems to be to instil shock and awe, logic and rectitude be damned. A striking case in point is the government’s recent decision to privatise United India Insurance Company Ltd, a public sector general insurance company, abandoning its earlier decision to amalgamate the four public sector general insurance companies.

The provisions of the General Insurance Business (Nationalisation) Act, 1972, which governs the operation of public sector general insurance companies, require the government to hold at least a majority of the stake in these companies. The move to privatise any one of these companies thus requires amendments to the Act, which the government has planned to push through during the ongoing monsoon session of Parliament. It remains to be seen whether the Pegasus scandal, which has rocked Parliament, will derail the attempt, although there is little doubt that the government will be back at it even if it suffers an immediate setback in its attempts.

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Frontline.TheHindu.com, 13 August, 2021, https://frontline.thehindu.com/economy/modi-government-decides-to-privatise-united-india-insurance-public-sector-general-insurance-company-terrible-consequences/article35510567.ece?homepage=true


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