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In force

The General Insurance Business (Nationalisation) Act, 1972

40 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title
  3. 2Declaration as to the policy of the State
  4. 3Definitions
  5. II — TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS
  6. 4Transfer of shares of Indian insurance companies
  7. 5Transfer of undertakings of other existing insurers
  8. 6Effect of transfer of undertakings
  9. 7Transfer of service of existing employees in certain cases
  10. 8Provident, superannuation, welfare and other funds
  11. III — GENERAL INSURANCE CORPORATION OF INDIA
  12. 9Formation of General Insurance Corporation of India
  13. 10Transfer to Corporation of shares vested in Central Government
  14. IV — AMOUNTS TO BE PAID FOR ACQUISITIONS
  15. 11Amounts to be paid for transfer and vesting of shares or undertakings
  16. 12Disbursement of amounts by Corporation
  17. 13Mode of payment
  18. 14Amount payable to shareholders may be paid to named persons instead in certain cases
  19. 15Payment into court in case of rival claims
  20. V — SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS
  21. 16Schemes for mergers of companies, etc
  22. 17Laying of schemes and notifications before Parliament
  23. 17APower of Central Government to regulate the terms and conditions of service of officers and other employees
  24. VI — FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT
  25. 18Functions of Corporation
  26. 19Functions of acquiring companies
  27. 20Balance of profit how to be utilised
  28. 21Interim provisions for management of Indian insurance companies
  29. 22Power of Central Government to transfer employees
  30. 23Power of Central Government to issue directions
  31. VII — MISCELLANEOUS
  32. 24Acquiring companies to have the exclusive privilege of carrying on general insurance business
  33. 24BCessation of application of Act
  34. 26Acquiring companies and income-tax
  35. 27Power to reduce amounts of insurance in certain cases
  36. 28Right of acquiring company to seek relief in respect of certain transactions
  37. 29Duty to deliver possession of property and documents relating thereto
  38. 30Penalty for withholding property, etc
  39. 31Officers and employees of Corporation or of acquiring companies to be public servants
  40. 32Indemnity
  41. 33Dissolution of Corporation and acquiring companies
  42. 34Reference to existing insurer in other laws
  43. 35Application of Insurance Act
  44. 36Exemptions
  45. 37Vacancies, etc., not to invalidate proceedings
  46. 38Protection of action taken in good faith
  47. 39Power to make rules