History of Insurance MCQ Quiz in తెలుగు - Objective Question with Answer for History of Insurance - ముఫ్త్ [PDF] డౌన్‌లోడ్ కరెన్

A correct answer is option(2) i.e. Former Governor of RBI.

• In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector.
• The objective was to complement the reforms initiated in the financial sector.
• The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry.
• They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners.
• Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.
• The IRDA was incorporated as a statutory body in April 2000.
• The key objectives of the IRDA include the promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums while ensuring the financial security of the insurance market.

Note - 

• The Insurance Regulatory and Development Authority (IRDA) is now renamed as the Insurance Regulatory and Development Authority of India ( IRDAI ).
• The headquarters of IRDAI is in Hyderabad.
• Debasish Panda is the current Chairman cum Managing Director (March-2024) of IRDAI.

A correct answer is an option(2) i.e 4. 

• In 1972 with the passing of the General Insurance Business (Nationalisation) Act, the general insurance business was nationalized with effect from 1^st January 1973.
• 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd, and the United India Insurance Company Ltd.
• The General Insurance Corporation of India was incorporated as a company in 1971 and it commences business on January 1st 1973.

A correct answer is an option(1) i.e Oriental insurance company

• In the year 1818 the advent of the life insurance business in India by the Oriental life insurance company in Calcutta. 
• In 1972 with the passing of the General Insurance Business (Nationalisation) Act, the general insurance business was nationalized with effect from 1^st January 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd, and the United India Insurance Company Ltd.
• National Insurance Company Limited is India’s Oldest General Insurance Company. It was incorporated on December 5, 1906. After passing of General Insurance Business Nationalisation Act in 1972, it was merged along with 21 foreign and 11 Indian companies to form National insurance Company Limited and then become independent in the year 2002.
• An Ordinance was issued on 19th January 1956 nationalizing the Life Insurance sector and Life Insurance Corporation (LIC) came into existence in the same year. LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all.
• New India Assurance Company Limited was founded by Sir Dorab Tata from the house of TATAs and incorporated on 23rd July 1919, It was nationalized in 1973, with the merger of Indian companies.

The correct answer is 1956.

• The Government has informed that the Life Insurance Corporation is not going to be privatized and only the initial public offering, IPO will be issued.
• LIC is an Indian government-owned insurance and investment corporation.
• It was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.