CURRENT AFFAIRS

2021

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

The Union Cabinet has approved amendments to which act to facilitate the privatisation of public sector general insurance firms?

A	IRDA Act
B	SEBI Act
C	GIBNA Act
D	FSSAI Act

Explanation:

Detailed explanation-1: -In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman announced that, other than IDBI Bank, the Centre proposes to take up the privatisation of two public sector banks and one general insurance company in the year 2021-22.

Detailed explanation-2: -Following a comprehensive review of the insurance legislative framework in India by the Finance Ministry, in consultation with the IRDAI and other stakeholders in the industry, the Government of India has issued a draft Bill titled “The Insurance Laws (Amendment) Bill, 2022” ("Draft Bill") on 29 November 2022.

Detailed explanation-3: -1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

There is 1 question to complete.