The correct answer is: A. General Insurance Business (Nationalization) Act, 1972.
The General Insurance Corporation of India (GIC) was formed on 1st September 1972, in pursuance of the General Insurance Business (Nationalization) Act, 1972. The Act was passed by the Parliament of India on 19th August 1972 and came into force on 1st September 1972. The Act nationalised the general insurance business in India and transferred it to the GIC.
The GIC is a government-owned insurance company and is the largest general insurance company in India. It offers a wide range of general insurance products, including fire insurance, marine insurance, motor insurance, health insurance, and personal accident insurance. The GIC has a network of over 10,000 branches and offices across India.
The GIC is a member of the International Association of Insurance Supervisors (IAIS) and the Asia-Pacific Economic Cooperation (APEC) Insurance Regulators’ Forum (IRF).
The other options are incorrect because:
- The Insurance Act, 1938 is an Act to consolidate and amend the law relating to insurance. It does not provide for the nationalisation of the general insurance business.
- The Insurance Amendment Act, 2002 is an Act to amend the Insurance Act, 1938. It does not provide for the nationalisation of the general insurance business.
- The IRDA Act 1999 is an Act to provide for the establishment of an Insurance Regulatory and Development Authority and for matters connected therewith or incidental thereto. It does not provide for the nationalisation of the general insurance business.