GENERAL KNOWLEDGE

Detailed explanation-1: -The salient features of this Act were as follows: Constituting a Department of Insurance to supervise and control insurance business. Compulsory registration of insurance companies & submission of annual financial returns. Provision for initial deposits to allow only serious players in the field.

Detailed explanation-2: -3. Establishment and incorporation of Life Insurance Corporation of India.-(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be established a Corporation called the Life Insurance Corporation of India.