Andhra Pradesh General Insurance Corporation Limited

The Government of Andhra Pradesh is committed to the welfare of farmers and has taken multiple steps for ensuring farmers’ empowerment through the comprehensive development strategy of ‘Navaratnalu’. Under Navaratnalu, the Government started income support scheme for farmers and tenants through Rythu Bharosa, provided nine hours of free electricity, digging of free bore-wells and etc.

The Government is cognizant of the difficulties faced by farmers in the event of crop loss due to various factors. In order to ensure insurance coverage to all the farmers on a saturation mode and in a hassle free manner and for systematic settlement of insurance claims and also considering the huge investments being made by the State Government on Crop Insurance and the extent of claims being received by farmers, the Government decided to establish the “Andhra Pradesh General Insurance Corporation Limited” under the Companies Act 2013 as a 100% State owned entity primarily for taking care of insurance needs of the farming sector. The corporation would gradually cover other sectors in due course depending on the experiences gained.

Government of Andhra Pradesh expressed consent to establish the Andhra Pradesh General Insurance Corporation Limited with an authorized share capital of Rs.101.00 crores and also requested the Chairman IRDAI, Hyderabad to issue mandatory No Objection Certificate for proceeding further with the registration of Andhra Pradesh General Insurance Corporation Limited with the Registrar of Companies.

The Government authorized the Director of Insurance, Andhra Pradesh to take up further steps in connection with the establishment of proposed Andhra Pradesh General Insurance Corporation Limited.

The Government, after careful examination of the proposals, hereby order as under: –
5.1 Name for the new entity: Andhra Pradesh General Insurance Corporation Limited with registered office at Vijayawada.

5.2 Authorized Share Capital: The authorized share capital of the company is Rs.101 crores (Rupees One Hundred and One crores) divided into 10,10,00,000 (Ten Crore and Ten Lakh) equity shares of Rs.10/- (Rupees Ten) each.

5.3 Paid up capital (Initially for incorporation): The paid up capital of the company is Rs.101,00,00,000/- (Rupees one hundred and one corers only) and the amount shall be paid to the new company after incorporation on behalf of Hon’ble Governor of Andhra Pradesh/Nominee of the Government.

5.4 Initial Directors:

1 His Excellency Hon’ble Governor of Andhra Pradesh
2 Sri S.S.Rawat, IAS, Principal Secretary to Government, Finance Department
3 Dr.K.V.V.Satyanarayana, IRAS,Spl Secretary to Government, Finance Department
4 Dr.(Smt.) Poonam Malakondaiah ,IAS, Spl chief Secretary to Government, Agriculture Department
5 Sri H. Arun Kumar, IAS, Spl Commissioner, Agriculture Department
6 Sri G. Manisekhar, Director of Insurance
7 Joint Secretary to Government, Finance Department
8 Deputy Secretary to Government, Finance Department

Note: The above subscribers will be for incorporation of the new company only. The Government shall appoint new shareholders after incorporation / commencement of business of the company.

(i) The Memorandum & Articles of Association of the entities shall be prepared as per the provisions of the Companies Act, 2013 and the government authorizes Sri K.V.V. Satyanarayana, IRAS, Spl Secretary to Government, Finance Department, to approve and file the incorporation of new company with the Registrar of Companies.

(ii) The Spl Secretary to Government, Finance Department is nominated as Nominee of the Hon’ble Governor of Andhra Pradesh for signing on the papers/deeds/ documents for the incorporation of the new company.

(iii) The Special Secretary to Government, Finance Department and the Company Secretary of the corporation are authorized to sign the necessary documents and filing with the ROC.

(iv) The Special Secretary to Government, Finance Department is authorized to incur necessary statutory expenses and fees of professionals for pre-certification of documents for filing with the ROC. In this regard, The Government has to allot necessary budget for meeting the above administrative expenses duly creating a new HOA and appropriate authorization.

(v) The Special Secretary to Government, Finance Department shall take further necessary action in the matter accordingly.

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