BANKING AFFAIRS

Detailed explanation-1: -The Oriental Insurance Company Ltd.” earlier known as “The Oriental Fire & General Insurance Co. Ltd” was incorporated at Bombay on 12th September, 1947. The Company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company limited and was formed to carry out General Insurance business.

Detailed explanation-2: -1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

Detailed explanation-3: -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.

Detailed explanation-4: -The Insurance Act, 1938 is the principal Act governing the Insurance sector in India.

Detailed explanation-5: -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.