GIC:- GENERAL INSURANCE CORPORATION
GIC of India (GIC Re) is a state possessed venture in India. It was the sole reinsurance organization in the Indian protection showcase until the point when the protection advertise was available to remote reinsurance players by late 2016 including organizations from Germany, Switzerland, and France.
The whole broad protection business in India was nationalized by the Government of India (GOI) through the General Insurance Business (Nationalization) Act (GIBNA) of 1972. 55 Indian insurance agencies and 52 other general protection tasks of different organizations were nationalized.
The General Insurance Corporation of India (GIC) was framed incompatibility of Section 9 of GIBNA. It was joined on 22 November 1972 under the Companies Act, 1956 as a privately owned business constrained by offers. GIC was framed to control and work the matter of general protection in India.