Home India Ministry of Finance Central Government hereby makes the following Scheme further...
Date: 2020-07-31 Category: Extra Ordinary State: Union Government Country: India

Central Government hereby makes the following Scheme further to amend the United India Fire and General Insurance Company Limited Merger Scheme

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Executive Summary: This document contains three notifications from the Ministry of Finance, Department of Financial Services, amending the merger schemes of three insurance companies: United India Fire and General Insurance Company Limited, National Insurance Company Limited, and Oriental Fire and General Insurance Company Limited. The amendments, effective from the date of publication in the Official Gazette, primarily involve changes to the share capital structure of each company. The notifications are issued under the authority of the General Insurance Business Nationalisation Act, 1972. Key Points / Main Content: United India Fire and General Insurance Company Limited Merger Amendment Scheme, 2020: * Amends the United India Fire and General Insurance Company Limited Merger Scheme, 1973. * Replaces "two hundred crore divided into twenty crore" with "five thousand crore divided into five hundred crore" in paragraph 10. * Replaces "two hundred crore divided into twenty crore" with "five thousand crore divided into five hundred crore" in Part I, paragraph 2 of the Second Schedule. * Replaces "two hundred crore divided into twenty crore" with "five thousand crore divided into five hundred crore" in Part II, paragraph 1 of the Second Schedule. National Insurance Company Limited Merger Second Amendment, Scheme, 2020: * Amends the National Insurance Company Limited Merger Scheme, 1973. * Replaces "two thousand six hundred crore divided into two hundred sixty crore" with "seven thousand five hundred crore divided into seven hundred fifty crore" in paragraph 10. * Replaces "two thousand six hundred crore divided into two hundred sixty crore" with "seven thousand five hundred crore divided into seven hundred fifty crore" in Part I, paragraph 2 of the Second Schedule. * Replaces "two thousand six hundred crore divided into two hundred sixty crore" with "seven thousand five hundred crore divided into seven hundred fifty crore" in Part II, paragraph 3 of the Second Schedule. Oriental Fire and General Insurance Company Limited Merger Second Amendment, Scheme, 2020: * Amends the Oriental Fire and General Insurance Company Limited Merger Scheme, 1973. * Replaces "two hundred fifty crore divided into twenty five crore" with "five thousand crore divided into five hundred crore" in paragraph 11. * Replaces "two hundred fifty crore divided into twenty five crore" with "five thousand crore divided into five hundred crore" in Part I, paragraph 3 of the Second Schedule. * Replaces "two hundred fifty crore divided into twenty five crore" with "five thousand crore divided into five hundred crore" in Part II, paragraph 1 of the Second Schedule. Impact Analysis: Central Government: * Impact: The Central Government, through the Ministry of Finance, exercises its power to amend the merger schemes of the mentioned insurance companies, influencing their capital structure. * Action Required: Ensure the implementation of the amended schemes. United India Fire and General Insurance Company Limited, National Insurance Company Limited, and Oriental Fire and General Insurance Company Limited: * Impact: These companies are directly affected by the changes to their respective merger schemes, specifically regarding their authorized capital. * Action Required: Update their records and operational procedures to reflect the revised capital structures as outlined in the amendments. Shareholders of United India Fire and General Insurance Company Limited, National Insurance Company Limited, and Oriental Fire and General Insurance Company Limited: * Impact: The changes in the authorized capital may affect shareholder equity and investment strategies. * Action Required: Review their investment portfolios and make adjustments as necessary, based on the revised capital structures of the companies.

Key Entities Referenced

General Insurance Business Nationalisation Act, 1972: An act of the Parliament of India to provide for the nationalisation of general insurance business in India. United India Fire and General Insurance Company Limited: A general insurance company in India, formerly known as United India Fire and General Insurance Company Limited, which is subject to a merger amendment scheme. United India Fire and General Insurance Company Limited Merger Scheme, 1973: The original merger scheme for United India Fire and General Insurance Company Limited, which is being amended by the current notification. Ministry of Finance: The ministry responsible for financial matters in the Government of India, which issued the notification. New Delhi: Capital of India, place of publication for the notification National Insurance Company Limited: A general insurance company in India, subject to a merger scheme amendment. National Insurance Company Limited Merger Scheme, 1973: The original merger scheme for National Insurance Company Limited, which is being amended. Oriental Fire and General Insurance Company Limited: A general insurance company in India, subject to a merger scheme amendment.
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-डी.एल.-xअxx.G-3ID1E0x7x2x 020-220802 CG-DL-E-31072020-220802 असाधारण EXTRAORDINARY भाग II—खण्ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2285] नई ददल्ली, िक्रु िार, जलु ाई 31, 2020/श्रािण 9, 1942 No. 2285] NEW DELHI, FRIDAY, JULY 31, 2020/SRAVANA 9, 1942 जित्त मत्रं ालय (जित्तीय सिे ाए ंजिभाग) अजधसचू ना नई ददल्ली, 31 जुलाई, 2020 का.आ. 2579(अ).—साधारण बीमा कारबार (राष्ट्रीयकरण) अजधजनयम, 1972 (1972 का 57) की धारा 16 की उप-धारा (1) और उप-धारा (6) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, केन्द्रीय सरकार, एतद्द्वारा, यूनाइटेड इंजडया फायर एंड जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973 में अजतररक्त संिोधन करन े के जलए जन्नलजलजखत योजना बनाती ह,ै नामत: 1. (1) इस योजना को यूनाइटेड इंजडया फायर एंड जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) संिोधन, योजना, 2020 कहा जाएगा। (2) यह राजपत्र म ेंप्रकािन की तारीख से प्रिृत्त होगा। 2. यूनाइटेड इंजडया फायर एंड जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973,— (i) पैरा 10 म ें‘‘दो सौ करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “बीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; 3474 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ii) दसू री अनुसूची म ें (क) भाग 1, पैरा 2 में ‘‘दो सौ करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “बीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; (ख) भाग 2, पैरा 1 म ें‘‘दो सौ करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “बीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; [फा.स.ं 14013/12/2020-बीमा-II] लजलत कुमार, आर्थथक सलाहकार रटप्पण: मूल योजना भारत के राजपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii) में 31 ददसम्बर, 1973 की अजधसूचना संख्या का.आ.804(अ) में प्रकाजित की गई थी और इसमें 12 अिूबर, 1982 की अजधसूचना संख्या का.आ.731(अ) और 16 अिूबर, 2000 की अजधसूचना संख्या का.आ.927(अ) द्वारा अजतररक्त संिोधन दकया गया। MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 31st July, 2020 S.O.2579(E).— In exercise of the power conferred by sub-sections (1) and (6) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby makes the following Scheme further to amend the United India Fire and General Insurance Company Limited (Merger) Scheme, 1973, namely:- 1. (1) This Scheme may be called the United India Fire and General Insurance Company Limited (Merger) Amendment, Scheme, 2020. (2) It shall come into force on the date of its publication in the Official Gazette. 2. In the United India Fire and General Insurance Company Limited (Merger) Scheme, 1973,— (i) in paragraph 10, for the words “two hundred crore divided into twenty crore”, the words “five thousand crore divided into five hundred crore” shall be substituted; (ii) in the Second Schedule,— (a) in Part I, in paragraph 2, for the words “two hundred crore divided into twenty crore”, the words “five thousand crore divided into five hundred crore” shall be substituted; (b) in Part II, in paragraph 1, for the words “two hundred crore divided into twenty crore”, the words “five thousand crore divided into five hundred crore” shall be substituted. [F. No.14013/12/2020-Ins II] LALIT KUMAR, Economic Advisor Note: The principal Scheme was published in the Gazette of India, Extraordinary, part II, section 3, sub- section (ii) vide notification number S.O. 804(E),dated the 31st December, 1973 amended further vide Notifications number S.O. 731(E), dated the 12th October,1982, and last amended vide notification number S.O.927(E), dated the 16th October, 2000.[भाग II—खण् ड 3(ii)] भारत का राजपत्र : असाधारण 3 अजधसचू ना नई ददल्ली, 31 जुलाई, 2020 का.आ. 2580(अ).—साधारण बीमा कारबार (राष्ट्रीयकरण) अजधजनयम, 1972 (1972 का 57) की धारा 16 की उप-धारा (1) और (6) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, केन्द्रीय सरकार, एतदद्व् ारा, नेिनल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973 में अजतररक् त संिोधन करन े के जलए जन्नलजलजखत योजना बनाती ह,ै नामत: 1. (1) इस योजना को नेिनल इंश्योरेंस कंपनी जलजमटेड (जिलय) जद्वतीय संिोधन, योजना, 2020 कहा जाएगा। (2) यह राजपत्र म ेंप्रकािन की तारीख से प्रिृत्त होगा। 2. नेिनल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973, — (i) पैरा 10 म ें “दो हजार छ: सौ करोड़” िब्दों के स्ट्थान पर “सात हजार पााँच सौ करोड़ तथा “दो सौ साठ करोड़” के स्ट्थान पर “सात सौ पचास करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; (ii) दसू री अनुसूची म ें (क) भाग 1, पैरा 2 म ें ‘‘दो हजार छ: सौ करोड़” िब्दों के स्ट्थान पर “सात हजार पााँच सौ करोड़” तथा “दो सौ साठ करोड़” िब्दों के स्ट्थान पर “सात सौ पचास करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; (ख) भाग 2, पैरा 3 में “दो हजार छ: सौ करोड़” िब्दों के स्ट्थान पर “सात हजार पााँच सौ करोड़” तथा “दो सौ साठ करोड़” िब्दों के स्ट्थान पर “सात सौ पचास करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा। [फा.सं. 14013/12/2020-बीमा-II] लजलत कुमार, आर्थथक सलाहकार रटप्पण: मूल योजना भारत के राजपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii) में 31 ददसम्बर, 1973 की अजधसूचना संख्या का.आ.806(अ) में प्रकाजित की गई थी और इसमें 12 अिूबर, 1982 की अजधसूचना संख्या का.आ.773(अ), 16 अिूबर, 2000 की अजधसूचना संख्या का.आ.929(अ), और ददनांक 18 माच,च 2020 की अजधसूचना सख्ं या का.आ. 1124 (अ) द्वारा अजतररक्त संिोधन दकया गया। NOTIFICATION New Delhi, the 31st July, 2020 S.O. 2580 (E).—In exercise of the power conferred by sub-sections (1) and (6) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby makes the following Scheme further to amend the National Insurance Company Limited (Merger) Scheme, 1973, namely:- 1. (1) This Scheme may be called the National Insurance Company Limited (Merger) Second Amendment, Scheme, 2020. (2) It shall come into force on the date of its publication in the Official Gazette. 2. In the National Insurance Company Limited (Merger) Scheme, 1973,— (i) in paragraph 10, for the words, “two thousand six hundred crore divided into two hundred sixty crore”, the words “seven thousand five hundred crore divided into seven hundred fifty crore” shall be substituted; (ii) in the Second Schedule,—4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (a) in Part I, in paragraph 2, for the words “two thousand six hundred crore divided into two hundred sixty crore”, the words “seven thousand five hundred crore divided into seven hundred fifty crore” shall be substituted; (b) in Part II, in paragraph 3, for the words “two thousand six hundred crore divided into two hundred sixty crore”, the words “seven thousand five hundred crore divided into seven hundred fifty crore” shall be substituted. [F. No.14013/12/2020-Ins II] LALIT KUMAR, Economic Advisor Note: The principal Scheme was published in the Gazette of India, Extraordinary, part II, section 3, sub- section (ii) vide notification number S.O. 806(E),dated the 31st December, 1973, amended vide notifications number S.O.733(E), dated the 12th October, 1982 then amended vide notifications number S.O.929(E), dated the 16th October, 2000 and S.O.1124(E), dated the 18th March, 2020. अजधसचू ना नई ददल्ली, 31 जुलाई, 2020 का.आ.2581(अ).—साधारण बीमा कारबार (राष्ट्रीयकरण) अजधजनयम, 1972 (1972 का 57) की धारा 16 की उप-धारा (1) और (6) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, केन्द्रीय सरकार, एतद्द्वारा, ओररएंटल फायर एडं जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973 में अजतररक्त संिोधन करने के जलए जन्नलजलजखत योजना बनाती ह,ै नामत: 1. (1) इस योजना को ओररएंटल फायर एडं जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) जद्वतीय संिोधन, योजना, 2020 कहा जाएगा। (2) यह राजपत्र म ेंप्रकािन की तारीख से प्रिृत्त होगा। 2. ओररएंटल फायर एंड जनरल इंश्योरेंस कंपनी जलजमटेड (जिलय) योजना, 1973, — (i) पैरा 11 म ें‘‘दो सौ पचास करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “पच्चीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; (ii) दसू री अनुसूची म ें (क) भाग 1, पैरा 3 म ें ‘‘दो सौ पचास करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “पच्चीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा; (ख) भाग 2, पैरा 1 म ें“दो सौ पचास करोड़” िब्दों के स्ट्थान पर ‘‘पााँच हजार करोड़” तथा “पच्चीस करोड़” िब्दों के स्ट्थान पर “पााँच सौ करोड़” िब्दों को प्रजतस्ट्थाजपत दकया जाएगा। [फा.सं. 14013/12/2020-बीमा- II] लजलत कुमार, आर्थथक सलाहकार रटप्पण: मूल योजना भारत के राजपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii) में 31 ददसम्बर, 1973 की अजधसूचना संख्या का.आ.805(अ) में प्रकाजित की गई थी और इसमें 12 अिूबर, 1982 की अजधसूचना संख्या का.आ.732(अ), 16 अिूबर, 2000 की अजधसूचना संख्या का.आ.928(अ), और ददनांक 18 माच,च 2020 की अजधसूचना सख्ं या का.आ. 1125 (अ) द्वारा अजतररक्त संिोधन दकया गया।[भाग II—खण् ड 3(ii)] भारत का राजपत्र : असाधारण 5 NOTIFICATION New Delhi, the 31st July, 2020 S.O. 2581(E).— In exercise of the power conferred by sub-sections (1) and (6) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby makes the following Scheme further to amend the Oriental Fire and General Insurance Company Limited (Merger) Scheme, 1973, namely:- 1. (1) This Scheme may be called the Oriental Fire and General Insurance Company Limited (Merger) Second Amendment, Scheme, 2020. (2) It shall come into force on the date of its publication in the Official Gazette. 2. In the Oriental Fire and General Insurance Company Limited (Merger) Scheme, 1973,— (i) in paragraph 11, for the words “two hundred fifty crore divided into twenty five crore”, the words “five thousand crore divided into five hundred crore” shall be substituted; (ii) in the Second Schedule,— (a) in Part I, in paragraph 3, for the words “two hundred fifty crore divided into twenty five crore”, the words “ five thousand crore divided into five hundred crore” shall be substituted; (b) in Part II, in paragraph 1, for the words “two hundred fifty crore divided into twenty five crore”, the words “five thousand crore divided into five hundred crore” shall be substituted. [F. No.14013/12/2020-Ins II] LALIT KUMAR, Economic Advisor Note: The principal Scheme was published in the Gazette of India, Extraordinary, part II, section 3, sub- section (ii) vide notification number S.O. 805(E),dated the 31st December, 1973 amended further vide Notifications number S.O. 732(E), dated the 12th October,1982, S.O.928(E), dated the 16th October, 2000 and S.O.1125(E), dated the 18th March, 2020. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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