01-01-2018, 04:46 PM
INSURANCE
*IRDA (Insurance Regulatory and Development Authority)
1.IRDA was established on 1999.
2.IRDA was incorporated as a statuatory body April 2000.
3. The primary function of IRDA is to regulate develop the Insurance Industry inIndia
4.The headquarters of IRDA is at Hyderabad
Life Insurance Corporation (LIC)
*First Insurance Company in India is Oriental Life Insurance Company.
*The Bombay Mutual Life Assurance Society formed in 1870 was the first native insurance provider.
*Surendranath Tagore (son of Satyendranath Tagore) had founded Hindustan Insurance Society which later became Life insurance Corporation.
*Life Insurance Corporation is the largest Insurance group fully owned by the Government of India.
*It was set up in 1956 as its headquarters at Mumbai.
*‘Yogakshemam Vahamyaham, (your welfare is our responsibility) is the slogan of L.I.C.- It is derived from the ancient Hindu text Bhagavatgita.
*‘Mundra case’ is related to L.I.C.
*First woman managing Director of LIC
Ans : Usha Sangwan
General Insurance Corporation (GIC)
*General Insurance Corporatiom (GIC) was set up in 22nd November 1972., Its headquarters is at Mumbai.
*General Insurance sector was nationalized on
Ans : 1st‘January 1973
*General Insurance Corporation was formed to control and operate the business of general insurance in India.
*The committee formed to’ study reforms in insurance field
Ans : Malhotra Committee
*It was reorganised with four subsidiary companies like National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Assurance Company.
Indian Standard Institution
*It was an international organisation, constituted with the objective of facilitating international ,coordination and unification of Indian Standard.
*It was set up in 1946 and started functioning in 1947.
*The first Director was Dr. Lai C. Verman.
*ISI mark is a certification mark for industrial products in India.
*I.S.I. later came to be known as BIS (Bureau of Indian Standard).
*Major functions of BIS are formulation, recognition and promotion of Indian Standards.
