In 2003 all shares of Oriental Insurance Company Limited held by the General Insurance Corporation of India have been transferred to

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	LIC
B	IRDAI
C	Central Government
D	RBI

Explanation:

Detailed explanation-1: -The Oriental Insurance Company Ltd was incorporated in the year 1947. 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. 2016.

Detailed explanation-2: -The Oriental Insurance Company Ltd. was incorporated at Mumbai on 12th September 1947.

Detailed explanation-3: -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: -Accordingly, GIC was incorporated on 22 November 1972 as a private company under Companies Act, 1956 in Bombay and received its Certificate for Commencement of Business on 1 January 1973.

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