1. Sir, you have not intimated the name of the "insurance company". It has also not been indicated as to whether the said Insurance Company has been established by a Central Act or by any State Govt. Act as desired under section 2(b) of the Minimum Wages Act, 1948 with reference to the Schedule as laid down in said Act.
2. Hope, after going through the provisions of Act as mentioned above, you will find answer to your doubt/query.