The General insurance industry was nationalized in.....and 107 insurers were grouped and amalgamated into four Companies.

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

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

The General insurance industry was nationalized in____and 107 insurers were grouped and amalgamated into four Companies.

A	1949
B	1956
C	1972
D	1982

Explanation:

Detailed explanation-1: -The General insurance industry was nationalized in 1972 and 107 insurers were grouped and amalgamated into four Companies – National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd.

Detailed explanation-2: -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-3: -The General Insurance Business (Nationalisation) Act, 1972.

Detailed explanation-4: -1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz.

There is 1 question to complete.