I claim retirement benefit under the national insurance act, 1972, and i undertake that if a pension is awarded i shall inform the national insurance board of any change in my circumstances which may affect my entitlement to the pension. The general insurance business nationalisation act, 1972 no. It was incorporated on 22 november 1972 under the companies act, 1956 as a private company limited by shares. General insurance business nationalisation act 1972. Words and expressions used and not defined in these regulations but defined in the insurance act, 1938 4 of 1938, or the life insurance corporation act, 1956 31 of 1956 or the general insurance business nationalisation act, 1972 57 of 1972, or insurance regulatory and development authority act, 1999 41 of 1999 shall have the meanings respectively assigned to them in those acts or the. General insurance corporation of india gic was formed in pursuance of section 91 of gibna. To carry on the general insurance business other than life, such as accident, fire etc. Chapter 2 indian insurance industry growth and development. It is hereby declared that this act is for giving effect to the policy of the state towards securing the principles specified in clause c of article 39 of the constitution. Insurance i 0 0 the insurance act arrangement of sections part 1 preliinimuy 1. Chapter iii overview of general insurance business in.
In 1968, the insurance act was amended to provide for greater control over the general insurance business. The general insurance business was nationalised after the promulgation of general insurance business nationalization act, 1972. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance. The general insurance business nationalisation act 1972 in india bare acts, banking and insurance, business and corporate, constitutional. Class a, class b, class c, class d and class e in relation to an insurer carrying on longterm business, mean the class of the insurers registration under section 4. The general insurance business nationalization act, 1972. Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate.
The general insurance business nationalization act 1972 daily. Pdf the progressive development of indias insurance industry. The income tax benefit on insurance premiums is up to rs. It was incorporated on 22 november 1972 under the companies act 1956 as a private company limited by shares. The general insurance corporation of india gic was formed in pursuance of section 91 of gibna. Similarly, in 1972, 107 general insurers were nationalized through the passing of general insurance business nationalization act, 1972. In 1972 with the general insurance business nationalisation act was passed by the indian parliament, and consequently, general insurance business was nationalized with effect from 1 january 1973. And with that idea, parliament, on 20 september 1972, passed the general insurance business nationalisation act gibna for the. Be it enacted by parliament in the fiftythird year of the republic of india as follows. The general insurance emergency provisions act, 1971. An act to provide for the taking over, in the public interest, of the management of general insurance business pending nationalisation of such business. General law amendment act 102 of 1972 south african. An act to make provision with respect to local government and the functions of local authorities in england and wales. S 2930, 36 amended by general law amendment act 18 of 1993.
The general insurance business nationalisation act 1972 gibna was passed. This act may be called the general insurance business nationalisation act, 1972. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. Insurance act 1978 carrying on general business mean the class of the insurers registration under section 4. Short title and commencement 1 this act maybe called the general insurance business nationalisation amendment act,2002. Be it enacted by parliament in the sixtysixth year of the republic of india as follows. Amendment to general insurance business nationalisation act, 1972 57 of 1972.
General insurance business nationalisation act,1972. S 22 amended by general law second amendment act 108 of 1993. Which agency regulate insurance sector in indiainsurance service pdf. An act further to amend 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. Words and expression used and not defined in this act but defined in the life insurance corporation act, 1956 31 of 1956, the general insurance business nationalisation act, 1972 57 or 1972, and the insurance regulatory and development authority of india act, 1999 shall have the meanings respectively assigned to them in those acts. It was entrusted with the task of superintending, controlling and carrying on. The first general insurance company to be set up by an indian was indian mercantile insurance co. The general insurance business nationalisation act, 1972 shall be. The goi transferred all the assets and operations of. Act 553 insurance act 1996 date of royal assent sep1996 date of publication in the gazette 26sep1996 an act to provide new laws for the licensing and regulation of insurance business, insurance broking business, adjusting business and financial advisory business and for other related purposes.
This act shall be known and may be cited as the business corporation act. The national insurance act, 1972 claim for benefitassistance which is due to a deceased beneficiary part a particulars of deceased person full name. Although the general insurance business was not nationalised along with life insurance, a code of conduct for fair and sound business practices was framed in 1957 by the general insurance council a wing of the insurance association of india. Type of packing, mode of carriage, name of carrier, nature of goods, the route. Amendment to banking companies acquisition and transfer of undertakings act, 1970 5. Gic was formed to control and operate the business of general insurance in india. Technical guide to service tax insurance sector 23. Special provisions on stock company carrying on insurance business.
The nonlife insurance business was nationalised to form gic in 1972 post liberalisation, the insurance industry recorded significant growth. The existing 107 insurers were amalgamated and grouped into five companies, viz. General insurance introduction to general insurance august 2014 1. Section 2 declaration as to the policy of the state it is hereby declared that this act is for giving effect to the policy of the state towards securing the principles specified in clause c of article 39 of the constitution. An act further to amend the insurance act, 1938 and the general insurance business nationalisation act, 1972 and to amend the insurance regulatory and development authority act, 1999. To aid and achieve the subsidiaries to conduct the. This act has been established to provide for acquisition and transfer of shares of indian insurance companies and undertakings to serve for better economy by securing the development of general insurance business by proper regulations and control over such business. General insurance business nationalisation act, 1972 gic of india. Be it enacted by parliament in the fiftythird year of the republic of india as. General insurance business nationalization act 1972. It was incorporated on november 22, 1972 under companies act, 1956. The general insurance business nationalization act has been incorporated on 20th september 1972. The general insurance business nationalisation act, 1972. The general insurance business department of financial.
The general insurance corporation of india gic was formed as a government company under subsection 1 of section 9 of the general insurance business nationalisation act, 1972 gibna, 1972. Medical insurance is provided through several private insurance companies and four public sector general insurance companies. Gic re or gic of india is a state owned enterprise in india. 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. Words and expression used and not defined in this act but defined in the life insurance corporation act, 1956 31 of 1956, the general insurance business nationalisation act, 1972 57 or 1972, and the insurance regulatory and development authority act, 1999 shall have the meanings respectively assigned to them in those acts. Amended by land affairs general amendment act 11 of 1995. Stock company and mutual company carrying on insurance business section 1. Before 1973, there are 107 companies, including foreign. General insurance introduction to general insurance august. This act gave effect to clause c of article 39 of the constitution of india. 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. The entire general insurance business in india was nationalized by general insurance business nationalization act, 1972 gibna.
Introducing a new swedish insurance business act a new insurance business act. The general insurance business nationalisation act, 1972 nationalised the general insurance business in india and provided for the. Lic act, 1956, with a capital contribution of rs 5 core from the government of india. Mccarranferguson act, insurance services office and the attorneys general lawsuit, and grammleachbliley act b explain how insurance regulation protects consumers, contributes to maintain insurer solvency, and assists in preventing. This act shall be liberally construed and applied to promote its underlying purposes and policies.