which company is the sole public sector life insurance company

BANKING GENERAL KNOWLEDGE

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

A	Standard life insurance
B	Bharti Axa life insurance
C	Life Insurance Corporation of India
D	none of above

Explanation:

Detailed explanation-1: -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-2: -Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.

Detailed explanation-3: -National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business.

Detailed explanation-4: -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.

There is 1 question to complete.