CURRENT AFFAIRS

Detailed explanation-1: -India’s General Insurance Corporation (GIC Re) is closing down its Middle East and North Africa headquarters in the Dubai International Finance Centre, and will transfer it to Gujarat International Finance Tec-City (GIFT City) in Gujarat, India.

Detailed explanation-2: -The formation of GIC was done under the pursuance of section 9(1) of GIBNA. Furthermore, it was incorporated on 22nd November 1972 under the companies act. Thus, the main purpose of the formation of GIC was to operate and control the business of general insurance in India.

Detailed explanation-3: -The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Detailed explanation-4: -General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.