BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Oriental India insurance Co. Ltd
|
|
|
United India Assurance Co. Ltd
|
|
|
National Insurance Co. Ltd
|
|
|
General Insurance Corporation of India
|
Detailed explanation-1: -Mumbai: Three public sector insurance companies-The Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd-will be merged into a single insurance company and listed on the bourses, finance minister Arun Jaitley announced in the Union Budget on Thursday.
Detailed explanation-2: -Life Insurance Corporation of India LIC of India was incorporated on 1st September, 1956 by amalgamating 243 Companies by the Act of Parliament called Insurance Act, 1956. LIC is governed by the Insurance Act 1938, LIC Act 1956, LIC Regulations 1959 and Insurance Regulatory and Development Authority Act 1999.
Detailed explanation-3: -Trusted Since 1906 66 years later, after passing of General Insurance Business Nationalisation Act in 1972, it was merged along with 21 foreign and 11 Indian companies to form National insurance Company Limited, one of the four subsidiaries of the General Insurance Corporation of India, fully owned by Govt. of India.
Detailed explanation-4: -Few years ago, the government had announced that it would merge The Oriental Insurance, National Insurance and United India into one company.