GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In pursuance of which one of the following was the General Insurance Corporation of India was formed?
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IRDA Act 1999
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Insurance Act, 1938
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Insurance Amendment Act, 2002
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General Insurance Business (Nationalisation) Act, 1972
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Explanation:
Detailed explanation-1: -The 1972 Act set up the General Insurance Corporation of India (GIC). The businesses of the companies nationalised under the Act were restructured in four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance.
Detailed explanation-2: -1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.
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