The company is headquartered in Goregaon, Mumbai with a distribution network pan India composed of over 139 branches and more than 28,900+ intermediaries. As on December 31, 2021 the company has 6,811 number of employees.

➢ The mission of the company is to provide innovative products in respect to motor, travel, health, fire, home, commercial, liability, weather & crop and marine insurance. The company has a huge customer base which includes individual, corporate and SMEs.

➢ As on November 29, 2021 Anil D Ambani had resigned as a Non-Executive Director of Reliance General Insurance Company Limited. As per an exchange filing, two of the company’s Independent Directors have resigned. The resignation comes in the wake of the RBI superseding the Board of Directors of RGCIL’s parent (Reliance Capital). 

➢ On September 5, 2017, Reliance General Insurance Company Limited had received inprinciple approval from IRDAI for the process of its proposed IPO. The IPO was slated for fresh issue of shares worth ₹200 crores, besides an offer of sale of 79,489,821 shares by Reliance Capital. However, the draft offer documents for the IPO had been withdrawn by the lead manager. The reasons for withdrawal had not been disclosed. 

➢ The National Company Law Tribunal on December 6, 2021 admitted initiating insolvency proceedings against Anil Ambani owned Reliance Capital. The action was necessitated in view of defaults by Reliance Capital in meeting the various payment obligations to its creditors and serious governance concerns which the Board of Directors had not been able to address effectively. The firm has borrowings in the form of secured and unsecured bonds, and term loans along with guarantees given to banks and financial institutions. 

➢ This will have a domino effect on nearly 20 subsidiaries of the financial services. Insurance businesses are regulated by the IRDAI and are accountable towards policyholders. They hold investments made on behalf of the policyholders or customers which cannot be touched or liquidated by creditors seeking to recover dues from the parent. 

➢ Under Annexure B, Eligibility Criteria, Business Clusters are mentioned. Invitation for Expression of Interest under Regulation 36A (1) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

➢ As on April 04, 2022, there is a provisional list of 50 eligible prospective resolution applications as per Regulation 36A (10) of the CIRP Regulations.