Development of Insurance Legislation in India and Insurance Act 1938 MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Development of Insurance Legislation in India and Insurance Act 1938, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Development of Insurance Legislation in India and Insurance Act 1938 MCQs are designed to help you grasp the core concepts and excel in solving problems.

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Discuss
Answer: (b).Delinked from subsidiaries, converted into a re-insurance company, ownership passed to the Central Government Explanation:GIC was delinked from its 4 subsidiaries, converted into a re-insurance company, and the ownership of the subsidiaries was passed on to the Central Government.
Q42.
As per current FDI norms how much is the FDI limit for insurance sector?
Discuss
Answer: (b).74% Explanation:As per current Foreign Direct Investment (FDI) norms in India, the FDI limit for the insurance sector is 74%.
Q43.
How many general insurance subsidiaries did GIC have?

a.

1

b.

2

c.

3

d.

4

Discuss
Answer: (d).4 Explanation:General Insurance Corporation (GIC) had four general insurance subsidiaries.
Q44.
In India the ________ is empowered to regulate the insurance industry.
Discuss
Answer: (a).Central Legislature Explanation:In India the Central Legislature is empowered to regulate the insurance industry.
Q45.
______________ in 1818 in Calcutta was the first life insurance company to start operations in India.
Discuss
Answer: (b).Oriental Life Insurance Company Explanation:Oriental Life Insurance Company in 1818 in Calcutta was the first life insurance company to start operations in India.
Q46.
_______________ in Bombay in 1907 was the first general insurance company established by an Indian.
Discuss
Answer: (c).Indian Mercantile Insurance Company Ltd. Explanation:Indian Mercantile Insurance Company Ltd. in Bombay in 1907 was the first general insurance company established by an Indian.
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