GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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LIC
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NICL
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GIC Re
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Oriental Insurance
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Detailed explanation-1: -General Insurance Corporation (GIC) of India is the sole reinsurance company in the Indian insurance market with over four decades of experience. The entire general insurance business in India was nationalized by General Insurance Business (Nationalization) Act, 1972 (GIBNA).
Detailed explanation-2: -The Corporation is registered with IRDAI for carrying on reinsurance business pursuant to the registration certificate dated April 2 2001. GIC was formed for the purpose of superintending controlling and carrying on the business of general insurance.
Detailed explanation-3: -It administers the regime for licensing and registration of insurers and insurance intermediaries. The following have been granted licences to carry out insurance business in India: 24 life insurers, 28 general insurers, and seven stand-alone health insurers. One reinsurer and ten foreign reinsurance branches.