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| Topic: |
Business
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| Number of pages / Number of words: |
21 / 5765 |
Essay's paper body
There were a lot of complaints against these private players regarding mismanagement of funds and non-performance of their part of contracts, with the result that the business of non-life insurers was nationalized by the government of India and one insurer named as General Insurance Corporation of India (GIC of India) came in to being...
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This corporation started its business in India by taking over the reins of all the private players. The GIC of India worked through its four subsidiaries named as:
1. National Insurance co.
2. Oriental insurance co.
3. New India insurance company. And
4. United India insurance co.
With the passing of IRDA Act in 1999 under which the private players were allowed entry in the field of insurance sector these four subsidiaries of GIC of India, which were till now working under GIC of India were made autonomous companies enabling them to transact the non-life business...
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