The GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

PRELIMINARY

Section 1 — Short title.

This Act may be called the General Insurance Business (Nationalisation) Act, 1972.

Browse all 46 sections
  1. 1.Short title.
  2. 2.Declaration as to the policy of the State.
  3. 3.Definitions.
  4. 4.Transfer of shares of Indian insurance companies.
  5. 5.Transfer of undertakings of other existing insurers.
  6. 6.Effect of transfer of undertakings.
  7. 7.Transfer of service of existing employees in certain cases.
  8. 8.Provident, superannuation, welfare and other funds.
  9. 9.Formation of General Insurance Corporation of India.
  10. 10.Transfer to Corporation of shares vested in Central Government.
  11. 10A.Transfer to Central Government of shares vested in Corporation.
  12. 10B.Enhancement of equity capital of General Insurance companies.
  13. 11.Amounts to be paid for transfer and vesting of shares or undertakings.
  14. 12.Disbursement of amounts by Corporation.
  15. 13.Mode of payment.
  16. 14.Amount payable to shareholders may be paid to named persons instead in certain cases.
  17. 15.Payment into court in case of rival claims.
  18. 16.Schemes for mergers of companies, etc.
  19. 17.Laying of schemes and notifications before Parliament.
  20. 17A.Power of Central Government to regulate the terms and conditions of service of officers and other employees.
  21. 18.Functions of Corporation.
  22. 19.Functions of acquiring companies.
  23. 20.Balance of profit how to be utilised.
  24. 21.Interim provisions for management of Indian insurance companies.
  25. 22.Power of Central Government to transfer employees.
  26. 23.Power of Central Government to issue directions.
  27. 24.Acquiring companies to have the exclusive privilege of carrying on general insurance business.
  28. 24A.Exclusive privilege of Corporation and acquiring companies to cease.
  29. 25.[Omitted.]
  30. 26.Acquiring companies and income-tax.
  31. 27.Power to reduce amounts of insurance in certain eases.
  32. 28.Right of acquiring company to seek relief in respect of certain transactions.
  33. 29.Duty to deliver possession of property and documents relating thereto.
  34. 30.Penalty for withholding property, etc.
  35. 31.Officers and employees of Corporation or of acquiring companies to be public servants.
  36. 32.Indemnity.
  37. 33.Dissolution of Corporation and acquiring companies.
  38. 34.Reference to existing insurer in other laws.
  39. 35.Application of Insurance Act.
  40. 35A.[Omitted.]
  41. 36.Exemptions.
  42. 37.Vacancies, etc., not to invalidate proceedings.
  43. 38.Protection of action taken in good faith.
  44. 39.Power to make rules.
  45. 40.[Repealed.]
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