Procedure followed in the decision making process, including channels of supervision
The decision making process of the company follows channels :
- BOARD OF DIRECTORS
- CHAIRMAN CUM MANAGING DIRECTOR
- GENERAL MANAGERS
Overall management of the Company is vested with the Board of Directors of the Company.
The Board of Directors is the highest decision making body within the company.
The New India Assurance Company Limited being a Public Sector Undertaking (PSU),
the Board of Directors of the company is accountable to the Government of India.
The powers, which are not delegated, are exercised by the Board of Directors subject
to the restrictions and provision of The Companies Act 1956, The Insurance Act 1938,
General Insurance Business (Nationalisation) Act 1972 (since amended in 2002), IRDA
Act 1999 and such other acts as are applicable to the insurance industry.