Company Directory - New India Assurance Company Limited
Company Details - New India Assurance Company Limited
New India Assurance Company Limited
WebsiteMumbai, India
ISIN: INE094A01015
New India Assurance is a leading public sector general insurance company in India offering a comprehensive range of non-life insurance products including motor, health, marine, and property insurance. It has a significant domestic footprint and an expanding international presence.
CCI Score
CCI Score: New India Assurance Company Limited
-10.47
0.01%
Latest Event
Corruption Conviction of Former Executive
A former deputy general manager at New India Assurance was convicted of corruption and breach of trust for accepting illegal payments, exposing serious internal governance and ethical lapses that undermine public accountability.
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ENABLER
New India Assurance Company Limited is currently rated as an Enabler.
Latest Events
- NOV052024
A former deputy general manager at New India Assurance was convicted of corruption and breach of trust for accepting illegal payments, exposing serious internal governance and ethical lapses that undermine public accountability.
-70
Business Practices and Ethical Responsibility
March 24
The conviction of Anand Mittal for fraudulently accepting over Rs 1.6 crore as a 'parting gift and pension' highlights significant lapses in ethical oversight and corporate governance within New India Assurance. Such actions not only erode public trust but also reflect a broader culture of impunity and mismanagement, which can indirectly contribute to the rise of authoritarian practices by undermining accountability and transparency.
Former New India Assurance Executive Convicted in Corruption Scandal
- NOV052024
Former deputy general manager Anand Mittal was convicted for accepting illicit payments exceeding Rs 1.6 crore, exposing deep ethical and governance failures within New India Assurance Company Limited.
-50
Business Practices and Ethical Responsibility
March 24
The corruption conviction highlights serious breaches of ethical responsibility and internal governance at New India Assurance. This kind of behavior undermines public trust and accountability, which are essential for resisting authoritarian tendencies. Although not directly linked to overt political maneuvering, such unethical practices can contribute to environments in which power is abused.
- MAY292024
MIC Global partnered with New India Assurance to launch India's first digital identity monitoring, restoration, and insurance solution, designed to protect consumers against identity theft by leveraging innovative embedded micro insurance and technology.
+60
Business Practices and Ethical Responsibility
March 24
The initiative reflects responsible business practices by integrating technology and insurance to enhance consumer protection. By offering an accessible digital identity monitoring service, New India Assurance demonstrates ethical responsibility toward safeguarding customer interests and financial security.
+70
Technology and Services Impact
March 24
The MiIdentity platform showcases a strong positive impact in the realm of technology and services. By integrating digital monitoring with insurance solutions, the company is advancing innovation that empowers customers to proactively manage digital threats and safeguard their online identities.
- OCT092020
The Insurance Regulatory and Development Authority of India (IRDAI) has designated New India Assurance as a Domestic Systemically Important Insurer (D-SII), mandating enhanced regulatory supervision and improvements in corporate governance and risk management practices. This move aims to mitigate the moral hazard that arises from being 'too big to fail' and ensures greater accountability given the company’s significant market influence.
+25
Public and Political Behavior
March 24
The designation by IRDAI places New India Assurance under heightened public and political scrutiny. Enhanced oversight and the requirement to improve corporate governance help to counteract potential undue political influence and increase transparency, thereby reducing risks associated with political complicity in authoritarian practices.
IRDAI identifies LIC, GIC, New India Assurance systemically important insurers
+15
Economic and Structural Influence
March 24
Being categorized as a systemically important insurer underscores New India Assurance's significant economic footprint. The increased regulatory measures and emphasis on robust risk management reflect an effort to mitigate systemic risks and prevent excessive market distortions, thereby addressing potential complications that could otherwise indirectly support authoritarian structures.
IRDAI identifies LIC, GIC, New India Assurance systemically important insurers
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