Act Info:Preamble1 - GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
Chapter I
Section1 - Short title
Section2 - Declaration as to the policy of the State
Section3 - Definitions
Chapter II
Section4 - Transfer of shares of Indian insurance companies
Section5 - Transfer of undertakings of other existing insurers
Section6 - Effect of transfer of undertakings
Section7 - Transfer of service of existing employees in certain cases
Section8 - Provident, superannuation, welfare and other funds
Chapter III
Section9 - Formation of General Insurance Corporation of India
Section10 - Transfer of Corporation of shares vested in Central Government
Section10A - Transfer to Central Government of shares vested in Corporation
Chapter IV
Section11 - Amounts to be paid for transfer and vesting of shares or undertakings
Section12 - Disbursement of amounts by Corporation
Section13 - Mode of payment
Section14 - Amount payable to shareholders may be paid to named persons instead in certain cases
Section15 - Payment into Court in case of rival claims
Chapter V
Section16 - Schemes for mergers of companies, etc.
Section17 - Laying of schemes and notifications before Parliament
ChapterVA - TERMS AND CONDITIONS OF SERVICE OF OFFICERS AND OTHER EMPLOYEES
Section17A - Power of Central Government to regulate the terms and conditions of service of officers and other employees
Chapter VI
Section18 - Functions of Corporation
Section19 - Functions of acquiring companies
Section20 - Balance of profit how to be utilised
Section21 - Interim provisions for management of Indian insurance companies
Section22 - Power of Central Government to transfer employees
Section23 - Power of Central Government to issue directions
Chapter VII
Section24 - Acquiring companies to have the exclusive privilege of carrying on general insurance business
Section24A - Exclusive privilege of Corporation and acquiring companies to cease
Section25 - Properties in India not to be insured with foreign insurers except with permission of Central Government
Section26 - Acquiring companies and income-tax
Section27 - Power to reduce amounts of insurance in certain cases
Section28 - Right of acquiring company to seek relief in respect of certain transactions
Section29 - Duty to deliver possession of property and documents relating thereto
Section30 - Penalty for withholding property etc.
Section31 - Officers and employees of Corporation or of acquiring companies to be public servants
Section32 - Indemnity
Section33 - Dissolution of Corporation and acquiring companies
Section34 - Reference to existing insurer in other laws
Section35 - Application of Insurance Act
Section35A - [Omitted]
Section36 - Exemptions
Section37 - Vacancies, etc., not to invalidate proceedings
Section38 - Protection of action taken in good faith
Section39 - Power to make rules
Section40 - Omission of section 14 of Act 17 of 1971 [Replealed]
Schedule1 - THE SCHEDULE
Amending Act1 - GENERAL INSURANCE BUSINESS (NATIONALISATION) AMENDMENT ACT, 2002