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    Question

    How did the provisions regarding the General Insurance

    Corporation of India change with the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002? 
    A The corporation was dissolved Correct Answer Incorrect Answer
    B The provisions remained unchanged Correct Answer Incorrect Answer
    C The corporation began managing only life insurance products Correct Answer Incorrect Answer
    D The focus shifted from general insurance to carrying on re-insurance business Correct Answer Incorrect Answer
    E The corporation was renamed to reflect the change in focus Correct Answer Incorrect Answer

    Solution

    Section 9.   Formation of General Insurance Corporation of India: (1) As soon as  may  be  after  the  commencement  of  this  Act,  the  Central  Government  shall  form  a Government company in accordance with the provisions of the Companies Act, to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and  carrying  on  the  business  of  general  insurance:  Provided  that  on  and  from  the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, the  provisions  of  this  sub-section  shall  have  effect  as  if  for  the  words  superintending, controlling and carrying on the business of general insurance, the words carrying on re-insurance business had been substituted.

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