LawgistAll Acts
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.
| Act Id | 197257 |
| Act Number | 57 |
| Enactment Date | 1972-09-20 |
| Act Year | 1972 |
| Ministry | Ministry of Finance |
| Enforcement Date | 20-09-1972 |
- 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
- 24 Acquiring companies to have the exclusive privilege of carrying on general insurance business
- 24A Exclusive privilege of Corporation and acquiring companies to cease
- 25 Omitted
- 26 Acquiring companies and income-tax
- 27 Power to reduce amounts of insurance in certain ease
- 28 Right of acquiring company to seek relief in respect of certain transactions
- 29 Duty to deliver possession of property and documents relating thereto
- 30 Penalty for withholding property, etc
- 31 Officers and employees of Corporation or of acquiring companies to be public servants
- 32 Indemnit
- 33 Dissolution of Corporation and acquiring companie
- 34 Reference to existing insurer in other law
- 35 Application of Insurance Act
- 35A Omitted
- 36 Exemption
- 37 Vacancies, etc., not to invalidate proceedings
- 38 Protection of action taken in good faith
- 39 Power to make rules
- 40 Repealed
