Which of the following insurance companies is not a subsidiary of India?

Question

1 Answer

answered Mar 4, 2022 by Mahendrak (121k points)
selected Mar 4, 2022 by Harshwardhan

Best answer

Correct Answer - Option 5 : Iffco Tokio General Insurance Ltd

The correct answer is Iffco Tokio General Insurance Ltd.

General Insurance Corporation of India (GIC)

General insurance industry in India was nationalised and a government company known as General Insurance Corporation of India
The central government formed it in November, 1972.
General insurance companies have willingly catered to these increasing demands and have offered a plethora of insurance covers that almost cover anything under the sun.

Objective of the GIC:

To carry on the general insurance business other than life, such as accident, fire etc.
To aid and achieve the subsidiaries to conduct the insurance business and
To help the conduct of investment strategies of the subsidiaries in an efficient and productive manner.

Role and Functions of GIC

Carrying on of any part of the general insurance, if it thinks it is desirable to do so.
Aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business.
Rendering efficient services to policy holders of general insurance.
Advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses.
Advising the acquiring companies in the matter of investing their fund.
Issuing directives to the acquiring companies in relation to the conduct of general insurance business.
Issuing directions and encouraging competition among the acquiring companies in order to render their services more efficiently.

Classification of Indian General Insurance Industry

General Insurance is also known as Non-Life Insurance in India. There are totally 16 General Insurance (Non-Life) Companies in India. These 16 General Insurance companies have been classified into two broad categories namely:
- PSUs (Public Sector Undertakings)
- Private Insurance Companies
- PSUs (Public Sector Undertakings)
These insurance companies are wholly owned by the Government of India(subsidiaries of GIC). There are totally 4 PSUs in India namely:

Private Insurance Companies: There are mainly 12 private General Insurance companies in India namely