New Insurance Corporation to be set up in Andhra Pradesh soon

The AP government has taken another crucial decision of setting up of Andhra Pradesh General Insurance Corporation in the state. The government has made it clear that AP General Insurance Corporation is set up for the convenience of farmers to implement crop insurance properly.

AP General Insurance Corporation will be set up under the Companies Act 2013, which is a 100 per cent government company. General Insurance Corporation will be set up to provide insurance for agricultural products.

The IRDA has applied for permission to start an insurance company with a stake of Rs 101 crore. AP General Insurance Corporation will be based in Vijayawada. Special Secretary to the Agriculture Department Poonam Malakondaiah and Finance Secretary SS Rawat will serve as directors to the corporation.