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February 14, 2016 8:27 AM ET

Insurance

Company Overview of The Oriental Insurance Company Limited

Company Overview

The Oriental Insurance Company Limited offers general insurance services. The company specializes in covers for large projects, such as power, petrochemical, steel, and chemical plants. It offers policies for health, motor insurance, personal accident, individual Mediclaim, personal accident, overseas Mediclaim, shopkeepers, householders, family floater, citizen safety, and others. The company offers its products through agents, as well as online in India, Nepal, Kuwait, and the United Arab Emirates. The Oriental Insurance Company Limited was founded in 1947 and is headquartered in New Delhi, India with additional offices in India. The company has operations in Nepal, Kuwait, and Dubai. The ...

Oriental House

A-25/27

Asaf Ali Road

New Delhi,  110002

India

Founded in 1947

14,742 Employees

Phone:

91 11 4365 9595

Fax:

91 11 2326 3175

Key Executives for The Oriental Insurance Company Limited

Chairman and Managing Director
Age: 59
Chief Financial Officer and General Manager
Chief Executive Officer of NEPAL
Principal of Oriental Staff Training College - Faridabad
Chief Vigilance Officer
Compensation as of Fiscal Year 2015.

The Oriental Insurance Company Limited Key Developments

Competition Commission of India Imposes Penalty on New India Assurance, National Insurance, United India Insurance and Oriental Insurance

The Competition Commission of India has imposed a total penalty of INR 6,710.5 million on four state-run insurance companies for manipulating the bidding process initiated by Government of Kerala for selecting insurance service provider for Rashtriya Swasthya Bima Yojna for the years 2010-2011, 2011-2012 and 2012-2013. Competition Commission has imposed a penalty of INR 2,510.7 million on New India Assurance, INR 1,628 million on National Insurance, INR 1,566.2 million on United India Insurance and INR 1,005.6 million on Oriental Insurance. The final order was passed by CCI on July 10 in a matter which was taken up suomoto pursuant to an anonymous information received by the Commission under section 19(1) of the Competition Act, 2002 against National Insurance, New India Assurance, Oriental Insurance and United India Insurance alleging contravention of the provisions of section 3 of the Act which deals with anti-competitive agreements including bid rigging. The Commission noted the impugned conduct of these companies to have resulted in manipulation of the bidding process in contravention of various provisions of the Act. While imposing penalties, the Commission noted that the present case related to bid rigging in public procurement for social welfare schemes, the beneficiaries of which were BPL and poor families and as such the same was taken as an aggravating factor.

New India Assurance (Mumbai), National Insurance (Kolkata), United India Insurance (Chennai) and Oriental Insurance (New Delhi) Plans To Merge

Employee unions of The New India Assurance Company Limited, National Insurance Company Limited, United India Insurance Co. Ltd. and The Oriental Insurance Company Ltd called for merger of all companies to form a single general insurance. Sharad Jadhav, The New India Assurance Company Limited union President, said," During our meeting with the minister and financial services secretary GS Sandhu, we demanded merger of all the four PSU non-life players to form a monolithic corporation, which shall strengthen our market share and help us serve rural and social sectors better. If all the four PSU non-life insurers join together to form a single monolithic corporation, then we can save our premium income to the tune of Rs 10,000 crore annually which will further help boost our profitability."

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