Consider the following statements:
Which of the statements given above are correct?
Statement 2 is correct. The general insurance business in India was nationalized in 1972 through the General Insurance Business (Nationalisation) Act, 1972. All existing general insurance companies were nationalized and subsequently grouped under the General Insurance Corporation of India (GIC), which was formed in 1972. National Insurance Company Limited became one of the four subsidiaries of GIC, along with New India Assurance, Oriental Insurance Company, and United India Insurance Company.
Statement 3 is correct. The headquarters of United India Insurance Company Limited are located in Chennai, Tamil Nadu. It is one of the prominent public sector general insurance companies in India.
Statement 1 is incorrect. The oldest insurance company in India is National Insurance Company Limited, which was established in 1906. Life Insurance Corporation of India (LIC) was formed in 1956 through the nationalization of 245 Indian and foreign private life insurers and provident societies. Therefore, LIC is not the oldest insurance company in India.
Option (a) is incorrect as statement 1 is factually inaccurate.
Option (b) is incorrect because statement 1 is incorrect, while statement 2 is correct.
Option (d) is incorrect as statement 1 is incorrect, even though statement 3 is correct.