The paid-up share capital of National is ₹1 billion. NIC's foreign operations are carried out from its branch offices in Nepal. Headquartered in Kolkata, NIC's network of about 2000 offices is spread over the country. It transacts a non-life insurance business. National Insurance Company Ltd (NIC) is one of the public sector insurance companies of India.
After the notification of the General Insurance Business and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National has been de-linked from its holding company GIC and presently operates as an independent insurance company wholly owned by Govt of India. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata. In April 2004, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi. National Insurance Company Limited was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002.
After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC).
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