Agriculture Insurance Company of India
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Agriculture Insurance Company of India Limited (AIC) is an Indian public sector undertaking headquartered in New Delhi. It is a government-owned agricultural insurer under ownership of the Ministry of Finance, Government of India.
History
AIC was incorporated on 20 December 2002 with an authorized 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.[1][2]
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, India, is the regulatory body governing AIC.[3]
AIC was designated by the Government of India as the sole "Implementing Agency" for its flagship Crop Insurance Program, "National Agricultural Insurance Scheme" (NAIS).
From Kharif 2016, the Govt. has launched a new Crop Insurance Scheme – Pradhan Mantri Fasal Bima Yojna (PMFBY). AIC is the leading Implementing Agency of this Scheme.
Since inception, AIC is the leading crop insurer of the country and is the largest insurer in term of number of farmers insured in the world and presently the Market Leader with more than 50% market share of Crop Insurance in India.
See also
References
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External links
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