Q. Bombay Mutual Life Assurance Society was founded in:

A
1840
B
1860
C
1850
D
1870
Solution:

The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.

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