Multiple choice

As per General Insurance Business (Nationalisation) Amendment Act 2002, General Insurance Corporation of India shall carry on

  1. reinsurance business only

  2. overseas reinsurance business only

  3. aviation insurance business only

  4. administration of motor third party insurance pool only
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A Correct answer
Explanation

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.

From the commencement of the General Insurance Business (Nationalisation) Amendment Act 2002, the provisions of this subsection shall have effect as if for the words “superintending, controlling and carrying on the business of general insurance”, the words “carrying on reinsurance business” had been substituted.

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