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To allow insurance companies in private sector, 'The insurance corporatin Act 1973' was amended in the year-

To allow insurance companies in private sector, 'The insurance corporatin Act 1973' was amended in the year- Correct Answer 1984

The Insurance Corporations Act 1973 was amended in 1984 to allow insurance companies in the private sector to operate side by side with Sadharan Bima Corporation and Jiban Bima Corporation. The restrictions were considered not congenial to the development of private sector business in insurance.

Related Questions

In a question below is given a statement followed by two inferences. Inference are logical conclusions from premises known or assumed to be true. You have to decide which inference can be formed from the given statement. Statement: Among the salaried people in a city, 40% of private sector employees are male members whereas 60% of population in the city is working in a private sector and 40% of government sector employees are females. Inference: I) Number of men working in private sector is equal to number of men working in government sector. Inference: II) Population of working women in the city is 60% of the total salaried population.
Directions : Following question consists of a statement followed by four arguments I, II, III and IV. You have to decide which of the arguments is a STRONG arguments and which is a WEAK Argument. Statement : Should there be reservation of jobs in the organizations in the private sector also as in the public sector undertakings in India? Arguments : I. Yes. This would give more opportunities of development to the weaker sections of the society and thus help reduce the gap between the affluent and the downtrodden in India. II. No. The private sector does not get any government assistance and therefore they should not be saddled with such policies. III. No. Nowhere else in the world such a practice is being followed. IV. No. The management of the private sector undertaking would not agree to such compulsions.
The UNCTAD reported on the contributions of the private sector to global GDP recently. In this context, consider the following statements:
1. The public sector debt constitutes a greater part of GDP than the private sector debt.
2. The UNCTAD predicts that the private sector will enable the achievement of Sustainable Development Goals by 2030.
Which of the above statements is/are true?
Directions : Following question consists of a statement followed by four arguments I, II, III and IV. You have to decide which of the arguments is a STRONG arguments and which is a WEAK Argument.

Statement : Should there be reservation of jobs in the organizations in the private sector also as in the public sector undertakings in India?

Arguments :
I. Yes. This would give more opportunities of development to the weaker sections of the society and thus help reduce the gap between the affluent and the downtrodden in India.
II. No. The private sector does not get any government assistance and therefore they should not be saddled with such policies.
III. No. Nowhere else in the world such a practice is being followed.
IV. No. The management of the private sector undertaking would not agree to such compulsions.
PRINCIPLES: 1. Nothing is an offence which is done in the exercise of the right of private defense.
2. When an act, which would otherwise be a certain offence, is not that offence, by reason of the youth, the want of maturity of understanding, the unsoundness of mind or the intoxication of that person or by reason of misconception on the part of that person, every person has the same right of private defense against that act, which he would have if that act were an offence.
3. Everyone has the right to defend their life and property against criminal harm provided it is not possible to approach public authorities and more harm than that is necessary has not been caused to avert the danger.
4. If in the exercise of right of private defense against an assault which reasonably causes the apprehension of death, the defender be so situated that he cannot effectually exercise that right without risk of harm to an innocent person, his right of private defense extends to the running of that risk.
5. The right of private defense continues as long as apprehension of danger continues.
FACT: A enters by night a house which he is legally entitled to enter. Z, in good faith, taking A for a housebreaker, attacks A.
Statement : Many private sector banks have reduced interest rate on housing loans in comparison to public sector banks.

Courses of Action :
I. The case should be raised before the regulatory authority for investigation by the public sector banks as they cannot follow such reduction.
II. Public sector banks must adopt such policy to remain in competition.
III. The public sector banks should advertise their special feature repeatedly so that they do not lose their future customers.
In the question statement are given, followed by two arguments, I and II. You have to consider the statements to be true even if it seems to be at variance from commonly known facts. You have to decide which argument(s) is/are strong based on the information provided. Statement : Should the private sector be completely nationalised in India? Argument I : Yes, the only way to develop the private sector is by nationalising them Argument II : No, because after nationalisation the private sector will operate less efficiently. 
The question below is followed by two arguments (I) and (II). Decide which of the arguments is “strong” and which is “weak”. Choose the correct answer from the given below. Statement : Should all the infrastructure development projects in India be given to the private sector Arguments : (I) No, private sector units are not equipped with the necessary assets to execute such projects (II) Yes, in a developing country such projects could be executed by the private sector.
Directions : Each of the following question consists of a statement followed by two arguments I and II. You have to decide which of the arguments is a STRONG arguments and which is a WEAK Argument. Statement : Should all the infrastructural development projects in India be handed over to the private sector? Arguments : I. No. The private sector entities are not equipped to handle such projects. II. Yes. Such projects are handled by private sector in the developed countries.
In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.
Targeting inflation comes from a belief that policy should be _________ and transparent, so that the private sector can factor this ___________ their decision-making. The question that this ________ is: are there more "complicated" policies which _________ better? I just note that one such policy is called "nominal income targeting". _____________ it is more complicated and the private sector is deemed to be intellectually challenged. private sector can factor this ___________ their decision-making.