Title : Application of Insurance Act
State : Central
Year : 1972
Subject to such exceptions, restrictions and limitations, if any, as the Central Government may, by Notification, specify in this behalf, the Insurance Act shall apply to or in relation to the Corporation and every acquiring company as if the Corporation or the acquiring company, as the case may be, were an insurer carrying on general insurance business within the meaning of that Act. View Complete Act List Judgments citing this sectionTitle : Functions of Corporation
State : Central
Year : 1972
( 1 ) The functions of the Corp oration sh all include-- (a) the carrying on of any part of the general insurance business, if it thinks it desirable to do so; (b) aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business and in the matter, of rendering efficient service to holders of policies of general insurance; (c) advising the acquiring companies in the matter of controlling their expenses including the payment of commission and o ther expenses; (d) advising the acquiring companies in the matter of the investment of their funds; (e) issuing directions to acquiring companies in relation to the conduct of general insurance business. 1[ Provided that all the functions of the..... View Complete Act List Judgments citing this sectionTitle : Transfer of Shares of Indian Insurance Companies
State : Central
Year : 1972
(1) On the appointed day, all the shares in the capital of every Indian Insurance company shall, by virtue of this Act, stand transferred to and vested in the Central Government free of all trusts, liabilities and encumbrances affecting them. (2) Out of the shares so transferred and vested, the Central Government shall, immediately thereafter, by notification, provide for the transfer of not less than ten shares of every such company to such persons as may be specified in the notification to enable the Indian insurance company to function as a Government company. (3) Every notification made under sub-section (2) shall specify the names and description of the persons to whom the shares are transferred and the particulars of the shares which are transferred to each such person. (4)..... View Complete Act List Judgments citing this sectionTitle : Transfer of Service of Existing Employees in Certain Cases
State : Central
Year : 1972
(1) Every whole-time officer or other employee of an existing insurer other than an Indian insurance company who was employed by that insurer wholly or mainly in connection with his general insurance business immediately before the appointed day shall, on the appointed day, become an officer or other employee, as the case may be, of the Indian insurance company in which the undertaking of that insurer or that part of the undertaking to which the service of the officer or other employee relates has vested, and shall hold his office or service under the Indian insurance company on the same terms and conditions and with the same rights to pension, gratuity and other matters as would have been admissible to him if there had been no such vesting, and shall continue to do so unless and until..... View Complete Act List Judgments citing this sectionTitle : Formation of General Insurance Corporation of India
State : Central
Year : 1972
(1) As soon as may be after the commencement of this Act, the Central Government shall form a Government company in accordance with the provisions of the Companies Act, to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance. 1 [Provided that on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, the provisions of this sub-section shall have effect as if for the words "superintending, controlling and carrying on the business of general insurance", the words "carrying on re-insurance business" had been substituted.] (2) The authorised capital of the Corporation shall be 2 [rupees two hundred and fifty crores, divided into two hundred..... View Complete Act List Judgments citing this sectionTitle : Disbursement of Amounts by Corporation
State : Central
Year : 1972
(1) The total amount paid by the Central Government under section 11 shall be treated as additional contribution to the subscribed capital of the Corporation and such additional subscribed capital shall stand allotted to, and vested in, the Central Government. (2) The Corporation shall distribute the amount paid to it under section 11, to the shareholders of each Indian insurance company and to each existing insurer, who is not an Indian insurance company, in accordance with their rights and interests, and, if there is any doubt or dispute as to the right, or extent of the right, of any person to receive the whole or any part of such amount, refer such doubt or dispute to the Central Government for determination and thereafter, act in accordance with the determination made by that..... View Complete Act List Judgments citing this sectionTitle : Laying of Schemes and Notifications Before Parliament
State : Central
Year : 1972
1[17. Laying of schemes and notifications before Parliament Every scheme framed under sub-section (1) of section 16 and every notification issued under sub-section (3) of that section shall be laid, as soon as may be after it is framed or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the scheme or notification or both Houses agree that the scheme or notification should not be framed or issued, the scheme or notification shall thereafter have effect only in such modified form or be of no effect, as..... View Complete Act List Judgments citing this sectionTitle : Acquiring Companies to Have the Exclusive Privilege of Carrying on General Insurance Business
State : Central
Year : 1972
(1) Except to the extent expressly provided in this Act, on and from the appointed day, the Corporation and the acquiring companies shall have the exclusive privilege of carrying on general insurance business in India. (2) Subject to the provisions of section 36, any certificate of registration granted under the Insurance Act to any insurer other than an insurer referred to in sub-section (1) shall, on and from the appointed day, cease to have effect: Provided that nothing in this sub-section shall apply to the carrying on by the Life Insurance Corporation of life insurance business and capital redemption and annuity certain business. View Complete Act List Judgments citing this sectionTitle : Duty to Deliver Possession of Property and Documents Relating Thereto
State : Central
Year : 1972
(1) Where any property appertaining to an existing insurer has been transferred to and vested in an Indian insurance company under section 5,-- (a) every person in whose possession, custody or control any such property may be, shall deliver the property to the Indian insurance company forthwith; (b) any person who immediately before such vesting has in his possession, custody or control any books, documents or other papers relating to an existing insurer shall be liable to account for the said books, documents and papers to the Indian insurance company, and shall deliver them to that company or to such person as that company may direct. (2) In particular, all the assets of an existing insurer appertaining to the undertaking held in deposit by the Reserve Bank of India under the..... View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1972
1[ ***] _________________________ 1. Section 35A inserted by Act 26 of 1988, section (w.r.e.f. 1-4-1988) and omitted by Act 20 of 2002, section 158 (w.e.f. 1-6-2002). View Complete Act List Judgments citing this section