Incorporation
AIC was incorporated on 20 December 2002 with an authorised capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, General Insurance Corporation of India (GIC) (35%), NABARD (30%) and the four public-sector general insurance companies (8.75% each), viz., National Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., and United India Insurance Co. Ltd..
AIC is under the administrative control of Ministry of Finance, Government of India, and under the operational supervision of Ministry of Agriculture, Government of India. Insurance Regulatory and Development Authority (IRDA), Hyderabad, is the regulatory body governing AIC.
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