The General Insurance Corporation of India commenced its business on January 1, _____.
Show answer & explanation
Correct answer: D
Explanation
Correct Answer:
Option 4: 1973
Explanation:
The General Insurance Corporation of India (GIC) started its operations on January 1, 1973. It was established after the nationalization of general insurance in 1972. Its aim was to organize and strengthen the insurance sector. Later, it became India’s main reinsurance company.
Additional Facts:
Option 1: 1965 is incorrect.
Option 2: 1969 relates to bank nationalization.
Option 3: 1971 is incorrect.
Probable Exam Questions:
Q: When was LIC established?
A: 1956
Q: Bank nationalization year?
A: 1969
Q: Main function of GIC?
A: Reinsurance
Q: Insurance reforms in India?
A: 2000