The Andhra Pradesh Government is soon going to set up the Andhra Pradesh General Insurance Corporation in the state.
The corporation is decided to be situated in Vijayawada and would be solely for the farmers’ benefit and crop insurance scheme in A.P.
The corporation would be organised under the Companies Act 2013, a would be a government company providing insurance for agricultural products to farmers.
The Insurance Regulatory and Development Authority (IRDA) of Andhra Pradesh already applied for permission regarding the setup with a stake of Rs. 101 crores.
Poonam Malakondaiah, the Special Secretary of the Agriculture Department and S.S. Rawat, the Finance Secretary of A.P., would be the directors of the nee corporation.
