(1) There shall be established a corporation by the name of National Insurance Corporation.
(2) The Corporation shall be an autonomous body corporate with perpetual succession, and it may sue by its name and be also sued by the same name.
(3) The Corporation may, subject to this Act and the Rules framed  under this Act, acquire, use, sell and dispose of any movable and immovable property.
(4) The Corporation shall have a separate seal of its own for all of its activities.