The North Eastern Multi-State Insurance Cooperative Society Limited, having its registered head office in Guwahati, has landed in quite a few controversies due to its activities during its three years of operation in the State.The Society is authorised by the Government of India to operate in all the Northeastern States to collect share capital. In Sikkim alone, the Society has so far collected about about Rs. 1.5 crore as share capital.However, according to the chairman of the society, they needed to deposit Rs. 100 crores with the Insurance Regulatory and Development Authority (IRDA) in order to procure the licence for operating life and non-life insurance. Even after more than three years of operation, NEMSICS has not been able to garner the said amount and none of the Northeastern governments have either invested in share capital in the society.
(The NorthEast News)
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