Question

Select the correct one/ones about the re-insurance market in India using the code given below:
1.There is a single re-insurer in the Indian insurance industry.
2. IRDA itself functions as the re-insurer in India.

• A. Only 1
• B. Only 2
• C. 1 and 2
• D. Neither 1 nor 2

Answer 1

The correct option is A Only 1

The company is General Insurance Corporation of India Ltd. (popular as the GIC). before converting (in 2002) it into the lone re-insurer in India it used to be the holding company for the 4 public sector general insurance companies (see the question number 10 of this Set) in India (now it does not play the role of the holding comapany-now GoI holds these companies directly).