NIC Holdings Limited was established as National Insurance Corporation by an Act of Parliament under the National Insurance Corporation Act 1964. The Company was subsequently incorporated in November 2000 as National Insurance Corporation Limited (NIC) and was licensed under the Insurance Act to transact general and long term Insurance businesses as well as Health and Micro Insurance businesses. With effect from September, 2014 and pursuant to the provisions of Insurance (Amendment) Act No. 13 of 2011 which required composite insurance companies to separate their insurance businesses under two different entities for general and long term insurance businesses, the Company established two wholly owned subsidiaries, NIC General Insurance Company Limited (NIC General) and NIC Life Assurance Company Limited (NIC Life) which have been licensed to transact the respective general and long term insurance businesses previously transacted by NIC. Having fully transferred the general and long term insurance services to NIC General and NIC Life respectively, the name of the Company was changed to NIC Holdings Limited with effect from 13th October, 2014 to reflect the new status as a holding company.