Insurance - Study Mode

[#671] When was the Indian Mercantile Insurance established?
Correct Answer

(C) 1907

Explanation

Solution: The Indian Mercantile Insurance was established in 1907. It was the first company was set up to transact all classes of general insurance business in India.

[#672] When was the General Insurance Council formed?
Correct Answer

(C) 1957

Explanation

Solution: The general insurance council was formed in 1957. The General Insurance Council was established under the Indian Insurance Act 1938. It designed a code of conduct to ensure fair business practices.

[#673] When was the Export Credit Guarantee Corporation of India established?
Correct Answer

(C) 1957

Explanation

Solution: The Export Credit Guarantee Corporation of India was established in 1957. ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by Government of India, was set up in 1957 with the objective of promoting exports from he country by providing credit risk insurance and related services for exports.

[#674] When was general insurance business nationalised?
Correct Answer

(D) 1973

Explanation

Solution: The general insurance business was nationalised in 1973, with effect from 1 January 1973. It was the nationalization of 107 insurance companies into one main company called General Insurance Corporation of India and its four subsidiary companies with exclusive privilege for transacting general insurance business.

[#675] When was the General Insurance Corporation of India incorporated?
Correct Answer

(C) 1972

Explanation

Solution: As per the General Insurance Business (Nationalisation) Act, 1972, the General Insurance Corporation of India (GIC) was founded in 1972 and has headquarters in Mumbai. It was formed to control and operate the business of general insurance in India.