The General Insurance Business (Nationalisation) Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.1972
List of Chapters & Sections
PRELIMINARY
TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS
GENERAL INSURANCE CORPORATION OF INDIA
AMOUNTS TO BE PAID FOR ACQUISITIONS
SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS
TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES
FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT
MISCELLANEOUS
PRELIMINARY
TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS
GENERAL INSURANCE CORPORATION OF INDIA
AMOUNTS TO BE PAID FOR ACQUISITIONS
SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS
TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES
FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT
MISCELLANEOUS
24Acquiring companies to have the exclusive privilege of carrying on general insurance business24AExclusive privilege of Corporation and acquiring companies to cease25Omitted26Acquiring companies and income-tax27Power to reduce amounts of insurance in certain ease28Right of acquiring company to seek relief in respect of certain transactions29Duty to deliver possession of property and documents relating thereto30Penalty for withholding property, etc31Officers and employees of Corporation or of acquiring companies to be public servants32Indemnit33Dissolution of Corporation and acquiring companie34Reference to existing insurer in other law35Application of Insurance Act35AOmitted36Exemption37Vacancies, etc., not to invalidate proceedings38Protection of action taken in good faith39Power to make rules40Repealed