United India Insurance Company


United India Insurance Company Limited is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Chennai, Tamil Nadu, the company has 30 regional offices and more than 1,400 operating offices nationwide. The company was incorporated on 18 February 1938 and nationalized in 1972.
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History

UIIC was incorporated on 18 February 1938 in Chennai. Following the nationalisation of the general insurance industry in terms of the provisions of the General Insurance Business Act, 1972, 12 Indian insurance companies, four cooperative insurance societies, and the Indian operations of 5 foreign insurers, besides the general insurance operations of the southern region of Life Insurance Corporation of India were merged with UIIC. The Government of India transferred all the shares of the merged entity to the General Insurance Corporation of India. UIIC became one of the four subsidiaries of GIC, with its headquarters in Chennai.
With the General Insurance Business Amendment Act 2002 coming into force on March 21, 2003, GIC ceased to be a holding company of its subsidiaries. The ownership of the four erstwhile subsidiary companies and the General Insurance Corporation of India was vested with the Government of India. All company shares held by the GIC were transferred to the central government.