Q. Consider the following statements regarding “Agriculture Insurance Company of India Limited (AICIL)”:
1.It is a private sector insurance company.
2.Its aim is to serve the needs of farmers better and to move towards a sustainable actuarial regime.
Which of the statements given above is/are correct?
Answer: B
Notes:
Explanation: The public sector insurance company, Agriculture Insurance Company of India Limited (AICIL) was set up by the Government of India in December 2002 (commenced its business in April 2003).
- This is a dedicated agri-insurance company and aims “to serve the needs of farmers better and to move towards a sustainable actuarial regime”.
- This company was responsible for looking after the National Agriculture Insurance Scheme (NAIS) which was launched in 1999.
- Since January 2016, the company has been looking after the newly launched PMFBY (Prime Minister Fasal Bima Yojana) which subsumed the existing agri-insurance schemes— the NAIS and the Modified NAIS (of 2010).
- Till the AICIL was not set up, the agri-insurance responsibility of the government was being looked after by the General Insurance Corporation (GIC).
Source: Ramesh Singh
