GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General Insurance Corporation (GIC) was established in?
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1971
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1972
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1973
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1974
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Explanation:
Detailed explanation-1: -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-2: -The 1972 Act set up the General Insurance Corporation of India (GIC).
Detailed explanation-3: -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.
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