GIC Re’s Board recently approves the establishment of a wholly-owned subsidiary in the UK. Economy Business | Dated: 11 Feb 2025 In February 2025, the Board of Directors (BoD) of Mumbai (Maharashtra)-based General Insurance Corporation of India (GIC Re) recently approved the establishment of a wholly-owned subsidiary, GIC Re, India Service Company, in the United Kingdom (UK). 🎯 Key Highlights: - There is no minimum capital requirement for the company, and it can be set up with a capital of Great Britain Pound (GBP) 1, equivalent to USD 1.24. 💡 Other Important Facts: (i) The company will seek final approval from the Insurance Regulatory and Development Authority of India (IRDAI) before proceeding with the investment. (ii) Additionally, the company will comply with the directives under the Foreign Exchange Management (Overseas Investment) Directions, 2022. (iii) GIC Re is a 100% Government of India (GoI)-owned Public Sector Undertaking (PSU). It currently operates branch offices in London (UK) and Kuala Lumpur (Malaysia). 📚 Test Your Knowledge: Which organization’s board recently approved the establishment of a wholly-owned subsidiary in the UK? Correct Answer: GIC Re 🚀 Quick Recap: