THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

ACT NO. 57 OF 1972 · Enacted [20th September, 1972.] · 45 sections

PRELIMINARY

Section 1.Short title.

Section 2.Declaration as to the policy of the State.

Section 3.Definitions.

TRANSFER TO PUBLIC OWNERSHIP OF GENERAL INSURANCE BUSINESS

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.

GENERAL INSURANCE CORPORATION OF INDIA

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.

AMOUNTS TO BE PAID FOR ACQUISITIONS

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.

SCHEME FOR REORGANISATION OF GENERAL INSURANCE BUSINESS

Section 16.Schemes for mergers of companies, etc.

Section 17.Laying of schemes and notifications before Parliament.

TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES

Section 17A.Power of Central Government to regulate the terms and conditions of service of officers and other employees.

FUNCTIONS OF CORPORATION AND ACQUIRING COMPANIES AND THEIR MANAGEMENT

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.

MISCELLANEOUS

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 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 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 39.Power to make rules.

Section 40.[Repealed.]