BANKING AFFAIRS

Detailed explanation-1: -In 2003 all shares of the company held by the General Insurance Corporation of India were transferred to the Government of India. The Company has 1924 offices in the country and has employee strength of 13923 as on 31.03.

Detailed explanation-2: -General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956.

Detailed explanation-3: -The Life Insurance Corporation of India (LIC) The Life Insurance Corporation of India was formed in the year 1956 when the Government nationalised the business of life insurance.

Detailed explanation-4: -GIC Re South Africa Ltd is a 100% owned subsidiary of General Insurance Corporation of India (GIC Re) which is owned by the Government of India.

Detailed explanation-5: -Detailed Solution. The correct answer is Iffco Tokio General Insurance Ltd.