NIC board approves merger proposal with two other insurers

State-owned non-life insurer National Insurance Company Ltd has approved its merger with Oriental Insurance Company Ltd and United India Insurance Company Ltd, trade union officials said on Monday. A hurriedly-convened board meeting of NIC in the evening ratified the merger proposal, they said.

"The board met today and cleared it. The board also discussed about operational integration," West Bengal State General Insurance Employees Association general secretary Tapan Mitra told PTI. Attempts to contact NIC officials did not materialise.

The boards of Oriental Insurance Company and United India Insurance Company have already given their nod to the merger. The General Insurers' Public Sector Association (India) is also likely to approve the amalgamation, the trade union officials said.

"The unions have been seeking the merger of four PSU general insurance companies, imcluding the New India Assurance Co," Mitra said..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)