When was general insurance business nationalised?

a. 1938

b. 1971

c. 1973

d. 1993

ANSWER: 1973

Explanation:

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.