General Insurance Business was nationalised in 1973

Q.   When was general insurance business nationalised?
- Published on 20 Jul 15

a. 1938
b. 1971
c. 1973
d. 1993

ANSWER: 1973
The nationalisation of general insurance business from 1 Jan 1973, was the effect of the General Insurance Business (Nationalisation) Act. 107 insurers were grouped into four companies: National Insurance Company, the New India Assurance Company, the Oriental Insurance Company and the United India Insurance Company.

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