On 11 August 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Parliament and it amended the __________.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. General Insurance Business (Nationalisation) Act, 1972.
On 11 August 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Parliament of India, amending the General Insurance Business (Nationalisation) Act, 1972. It removed the requirement for the central government to hold at least 51% stake in public sector general insurance companies.
It aimed to increase private sector participation in the general insurance industry. The amendment allowed the privatization of public sector general insurance companies, enabling strategic disinvestment.