Question : The General Insurance (Amendment) Act, 2021 removes the provision that required the Central Government to have at least __________ownership in four subsidiaries of General Insurance Company, namely, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance.
Option 1: 75%
Option 2: 49%
Option 3: 51%
Option 4: 80%
Correct Answer: 51%
Solution : The correct answer is 51%.
The General Insurance (Amendment) Act of 2021 removes the provision that required the Central Government to have at least 51% ownership in four subsidiaries of General Insurance Company, namely, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance. The bill increases the limit on foreign investment in an Indian insurance company from 49% to 74% and removes restrictions on ownership and control.
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