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THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

Title : THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

Year : 1972

[Act, No. 57 of 1972]
[20th September, 1972]

PREAMBLE

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.

BE it enacted by Parliament in the Twenty-third Year of the Republic of India as follows:-



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



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.

Explanation
.-In this section "State" has the same meaning as in Article 12 of the Constitution.



In this Act, unless the context other wise requires,-

(a) "Acquiring company" means any Indian insurance company and, where a scheme has been framed involving the merger of one Indian insurance company in another or the amalgamation of two or more such companies means the Indian insurance company in which any other company has been merged or the company which has been formed" as a result of the amalgamation;

(b) "Appointed day" means such day1not being a day later than the 2nd day of January, 1973 , as the Central Government may by notification appoint;

(c) "Companies Act" means the Companies Act, 1956 (1 of 1956) ;

(d) "Corporation" means the General Insurance Corp oration of India formed under section 9 ;

(e) "Existing insurer" means every insurer the management of whose undertaking has vested in the Central Government under section 3 of the General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)2,and includes the undertaking of the Life Insurance Corp oration in so far as it relates to the general insurance business carried on by it;

(f) "Foreign insurer" means an existing insurer incorporated under the law of any country outside India;

(g) "General insurance business" means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them but does not include capital redemption business and annuity certain business;

(h ) "Government company" means a Government company as defined in section 617 of the Companies Act;

(i) "Indian insurance company" means an existing insurer having a sh are capital who is a company within the meaning of the Companies Act;

(j) "Insurance Act" means the Insurance Act, 1938 (4 of 1938) ;

(k) "Life Insurance Corp oration" means the Life Insurance Corp oration of India established under the Life Insurance Corp oration Act, 1956 (13 of 1956) ;

(l) "Notification" means a notification published in the Official Gazette;

(m) "Prescribed" means prescribed by rules made under this Act,

(n) "Schedule" means the Schedule to this Act;

(o) "Scheme" means the scheme framed under section 16 3*[and also included a scheme framed under section 17 A];

(p) Words and expressions used in this Act but not defined herein and defined in the Insurance Act, shall have the meanings respectively assigned to them in that Act;

(q) Words and expressions used in this Act but not defined herein or in the Insurance Act and defined in the Companies Act, shall have the meanings respectively assigned to them in the Companies Act.

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1. 1 - 1 - 1973, vide Notification No. S.O. 724 (E), dated the 24th November, 1972, published in the Gazette of India, Extra., Pt. II, section 3 (ii), p. 1979.

2. Now stands repealed by the Insurance Laws (Transfer of Business and Emergency Provisions) Repeal Act, 2001 (11 of 2001), section 4 (w.e.f. 9-5-2001).

3. Inserted by Act 3 of 1985, section 2 (w.r.e.f. 17-9-1984).

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Last updated on July, 2016

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