On 20th January 1956 all Life Insurance Companies operating in India were taken over by ______ nominated custodians.
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On ‘20th January’ 1956, all ‘Life Insurance Companies’ operating in ‘India’ were taken over by the government of India nominated custodians.
Explanation:
- The total ‘life insurance business’ in India was ‘nationalized’ according to the ‘Life Insurance Corporation Act’.
- All the insurance companies that were operating in India came under one entity called the Life ‘Insurance Corporation of India’.
- The Act was passed by the ‘parliament’ in June 1956 and the Act came into effect on 1st July 1956.
- The working of LIC India is controlled by the government according to the ACT.
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