Is GIC a reinsurance company?
As a sole reinsurer in the domestic reinsurance market, GIC provides reinsurance to the direct general insurance companies in the Indian market. It leads many of domestic companies’ treaty programmes and facultative placements. …
How many zonal office are there in GIC?
8 Zonal Offices
LIC is governed by the Insurance Act 1938, LIC Act 1956, LIC Regulations 1959 and Insurance Regulatory and Development Authority Act 1999. As on 31st March, 2016, LIC has 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices, 73 Customer Zones, 1401 Satellite Offices and 1240 Mini Offices in India.
How many subsidiaries does GIC have?
four subsidiary companies
The ownership of GIC and the four subsidiary companies was vested with the government.
When was the General Insurance Corporation of India Incorporated?
November 22, 1972
General Insurance Corporation of India/Founded
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.
Who created general insurance Corporation India?
The first Chairman of GIC was A Rajagopalan, an Actuary and an officer of the Indian Administrative Service (IAS). M K Venkateshan and S K Desai were appointed the two Managing Directors of GIC.
Who owns general insurance in India?
Government of India
Ministry of Finance
General Insurance Corporation of India/Parent organizations
General Insurance Corporation of India Limited abbreviated as GIC Re is an Indian nationalised reinsurance company. It is under the ownership of Ministry of Finance , Government of India. It was incorporated on 22 November 1972 under Companies Act, 1956. GIC Re has its registered office and headquarters in Mumbai.
Which is the largest general insurance company in India?
The New India Assurance Company Limited
Founded by Sir Dorabji Tata in 1919, The New India Assurance Company Limited is a 100% Government owned company headquartered in Mumbai, India. It is the largest public sector general insurance company operating in 128 countries.
What is GIC amount?
The next step for a student is to buy the Guaranteed Investment Scheme or GIC. It is mandatory for each foreign student to have GIC to take care of the living expenses once they reach Canada. The amount of GIC is $10,200 that can be purchased from any participating bank.
What is the full form of GIC?
GIC Full Form,Guaranteed Investment Certificate.
How many general insurance companies are operating in India?
33 general insurance companies
There are 33 general insurance companies in India. The general insurance sector has 06 public-sector undertakings and rest are in private sector.