The General Insurance Business (Nationalisation) Act `1972

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.

List of Chapters & Sections

  1. PRELIMINARY

  2. TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS

  3. GENERAL INSURANCE CORPORATION OF INDIA

  4. AMOUNTS TO BE PAID FOR ACQUISITIONS

  5. SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS

  6. TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES

  7. FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT

  8. MISCELLANEOUS