General Insurance Business (Nationalisation) Act,1972 Chapter I - Bare Act |
| State | Central Government |
| Year | 1972 |
| Section Title | Preliminary |
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" me ans any Indian insurance company and, where a scheme has been framed involving the me rger of one Indian insurance company in another or the amalgamation of two or more such companies me ans the Indian insurance company in which any other company has been me rged or the company which has been formed" as a result of the amalgamation;
(b) "appointed day" me ans such day1not being a day later than the 2 nd day of January, 1973 , as the Central Government may by notification appoint;
(c) "Companies Act" me ans the Companies Act, 1956 (1 of 1956) ;
(d) "Corporation" me ans the General Insurance Corp oration of India formed under section 9 ;
(e) "existing insurer" me ans 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" me ans an existing insurer incorporated under the law of any country outside India;
(g) "general insurance business" me ans 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" me ans a Government company as defined in section 617 of the Companies Act;
(i) "Indian insurance company" me ans an existing insurer having a sh are capital who is a company within the me aning of the Companies Act;
(j) "Insurance Act" me ans the Insurance Act, 1938 (4 of 1938) ;
(k) "Life Insurance Corp oration" me ans the Life Insurance Corp oration of India established under the Life Insurance Corp oration Act, 1956 (13 of 1956) ;
(l) "notification" me ans a notification published in the Official Gazette;
(m) "prescribed" me ans prescribed by rules made under this Act,
(n) "Schedule" me ans the Schedule to this Act;
(o) "scheme" me ans the scheme framed under section 163[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, sh all have the me anings 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, sh all have the me anings 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).