Such type of insurance organization works like a joint stock company but they are established by a separate act. These insurance organizations are established either by a special act passed by the Parliament or under the provision of special act passed by the highest person or institution of the state. These are called government corporations because they are established by the government. If whole capital is invested by the private sector, then they will be called private insurance corporations. They will be considered mixed nature corporations if capital is invested by both government and private sector.
This insurance organization has the rights to ensure only those subjects, which are permitted by the concerning acts. The provisions of the Companies Act are applicable except for the areas of management and operations of such organizations. They are of autonomous nature although invested by the government. So, there is no strict control by the government, but managers have autonomy in the management and operation. On the other matters company insurance organization and corporation insurance organization have more similarities.
In brief, corporation insurance organization may be expressed in such a manner that it is established by a separate act. On the basis of the arrangements of this act, its capital, scope of insurance, management and operation, duties, rights and responsibilities are determined.
Descripition about Insurance Corporation
Author: Priyanka Payal
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