Question

With the enactment of General Insurance Contract Act,1972 General Insurance Corporation was set up as a holding company. It had four subsidiaries which carried out general insurance business

Correct

Incorrect​

Answer 1

The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United ...