Insurance Awareness - Reinsurance
Under which legislation does GIC Re primarily operate?
Under which legislation does GIC Re primarily operate?
easy Q3 of 15
Step-by-Step Solution
Step 1: Identify the governing law
GIC Re was established under the General Insurance Nationalization Act, 1972, which is the primary legislation governing its operations.Final Answer:
General Insurance Nationalization Act, 1972 → Option DQuick Check:
While the Insurance Act, 1938 regulates insurance broadly, GIC Re’s specific establishment and operations are governed by the 1972 Act.
Quick Trick: GIC Re established under General Insurance Nationalization Act, 1972.
Common Mistakes:
MISTAKES- Confusing Insurance Act, 1938 as primary governing law for GIC Re.
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