When was the General Insurance Corporation of India incorporated?

a. 1971

b. 1972

c. 1973

d. 1993

The General Insurance Corporation of India (GIC) was incorporated on 22 November 1972 (under the Companies Act, 1956) as a private company limited.

General insurance business was nationalized by the Govt. of India through the General Insurance Business (Nationalization) Act (GIBNA) of 1972.

After the process of mergers, GIC was re-organized with four fully owned subsidiary companies:

National Insurance Company Limited,

New India Assurance Company Limited,

Oriental Insurance Company Limited,

United India Insurance Company.

Established: 22 November, 1972

Headquarters: Mumbai, India

Current Head: Alice Vaidyan (Chairman & Managing Director)