GENERAL KNOWLEDGE

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 Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalizing the insurance industry in India.

Detailed explanation-3: -Ltd. The GIC was incorporated in the year 1972 and the other four companies became its subsidiaries. In November 2000, GIC was notified as the Indian Reinsurer, and its supervisory role over its subsidiaries was brought to an end.

Detailed explanation-4: -66 years later, after passing of General Insurance Business Nationalisation Act in 1972, it was merged along with 21 foreign and 11 Indian companies to form National insurance Company Limited, one of the four subsidiaries of the General Insurance Corporation of India, fully owned by Govt. of India.