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NIACL meaning in Indian Ministry of Finance ? |
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Answer» What is New India Assurance Company Limited mean? The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a nationalised general insurance company. It is under the ownership of Ministry of Finance , Government of India. "It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973. Previously, it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company following the passage of the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance became autonomous. reference
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