Insurance - Banking awareness questions on current affairs

1)    When was general insurance business nationalised?

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

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.