General Insurance Business (Nationalisation) Act, 1972

The General Insurance Business (Nationalisation) Act, 1972

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	197257
Act Number:	57
Enactment Date:	1972-09-20
Act Year:	1972
Short Title:	The General Insurance Business (Nationalisation) Act, 1972
Long Title:	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.
Ministry:	Ministry of Finance
Department:	Department of Financial Services
Enforcement Date:	20-09-1972


Schedule 1. THE SCHEDULE Order Appendix Forms

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Show all section The General Insurance Business (Nationalisation) Act, 1972

CHAPTER I

PRELIMINARY

CHAPTER II

TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS

CHAPTER III

GENERAL INSURANCE CORPORATION OF INDIA

CHAPTER IV

AMOUNTS TO BE PAID FOR ACQUISITIONS

CHAPTER V

SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS

CHAPTER VA

TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES

CHAPTER VI

FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT

CHAPTER VII

MISCELLANEOUS


Section 1. Short title.
Section 2. Declaration as to the policy of the State.
Section 3. Definitions.
Section 4. Transfer of shares of Indian insurance companies.
Section 5. Transfer of undertakings of other existing insurers.
Section 6. Effect of transfer of undertakings.
Section 7. Transfer of service of existing employees in certain cases.
Section 8. Provident, superannuation, welfare and other funds.
Section 9. Formation of General Insurance Corporation of India.
Section 10. Transfer to Corporation of shares vested in Central Government.
Section 10A. Transfer to Central Government of shares vested in Corporation.
Section 10B. Enhancement of equity capital of General Insurance companies.
Section 11. Amounts to be paid for transfer and vesting of shares or undertakings.
Section 12. Disbursement of amounts by Corporation.
Section 13. Mode of payment.
Section 14. Amount payable to shareholders may be paid to named persons instead in certain cases.
Section 15. Payment into court in case of rival claims.
Section 16. Schemes for mergers of companies, etc.
Section 17. Laying of schemes and notifications before Parliament.
Section 17A. Power of Central Government to regulate the terms and conditions of service of officers and other employees.
Section 18. Functions of Corporation.
Section 19. Functions of acquiring companies.
Section 20. Balance of profit how to be utilised.
Section 21. Interim provisions for management of Indian insurance companies.
Section 22. Power of Central Government to transfer employees.
Section 23. Power of Central Government to issue directions.
Section 24. Acquiring companies to have the exclusive privilege of carrying on general insurance business.
Section 24A. Exclusive privilege of Corporation and acquiring companies to cease.
Section 24B. Cessation of application of Act.
Section 25. Omitted.
Section 26. Acquiring companies and income-tax.
Section 27. Power to reduce amounts of insurance in certain eases
Section 28. Right of acquiring company to seek relief in respect of certain transactions.
Section 29. Duty to deliver possession of property and documents relating thereto.
Section 30. Penalty for withholding property, etc.
Section 31. Officers and employees of Corporation or of acquiring companies to be public servants.
Section 31A. Liability of director of specified insurer.
Section 32. Indemnity
Section 33. Dissolution of Corporation and acquiring companies
Section 34. Reference to existing insurer in other laws
Section 35. Application of Insurance Act.
Section 35A. Omitted.
Section 36. Exemptions
Section 37. Vacancies, etc., not to invalidate proceedings.
Section 38. Protection of action taken in good faith.
Section 38A. Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre.
Section 39. Power to make rules.
Section 40. Repealed.

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