Title : Declaration as to the Policy of the State
State : Central
Year : 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. View Complete Act List Judgments citing this sectionState : Central
Year : 1972
GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 57 of 1972 20th September, 1972 "By the General Insurance (Emergency Provisions) Ordinance, 1971, which was later replaced by an Act of Parliament the management of the undertakings of all insurers carrying on general insurance business was vested in the Central Government, pending nationalisation. The object of the present Bill is to complete the process of nationalisation which is sought to be effected in the following manner. On a day to be appointed by the Central Government, the shares in insurance companies carrying on general insurance business, which are incorporated in India and having a share capital, would automatically stand transferred to and vested in,..... List Judgments citing this sectionTitle : General Insurance Business (Nationalisation) Amendment Act, 2002
State : Central
Year : 1972
Amending Act 1 - GENERAL INSURANCE BUSINESS (NATIONALISATION) AMENDMENT ACT, 2002 GENERAL INSURANCE BUSINESS (NATIONALISATION) AMENDMENT ACT, 2002 [Act No. 40 of 2002] Preamble An Act further to amend the General Insurance Business (Nationalisation) Act, 1972 BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows :-- 1. Short title and commencement (1) This Act maybe called the General Insurance Business (Nationalisation) Amendment Act,2002. (2) It shallcome into force on such date1 as the Central Government may, bynotification in the Official Gazette, appoint. ______________________ 1. Dateappointed is 21.03.2003 by Notification No. SO 329(E) dated 21.03.2003 2. Amendment of section 9 In section 9..... View Complete Act List Judgments citing this sectionTitle : General Insurance Business (Nationalisation) Act,1972
State : Central
Year : 1972
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..... List Judgments citing this sectionTitle : Transfer to Public Ownership of Genral Insurance Business
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 : Right of Acquiring Company to Seek Relief in Respect of Certain Transactions
State : Central
Year : 1972
(1) Where an existing insurer has at any time within five years before the 13th day of May, 1971-- (a) made any payment to any person without consideration; (b) sold or disposed of any property of the insurer without consideration or for an inadequate consideration; (c) acquired any property or rights for an excessive consideration; (d) entered into or varied any agreement so as to require an excessive consideration to be paid or given by the insurer; (e) entered into any other transaction of such an onerous nature as to cause a loss to, or impose a liability on, the insurer exceeding any benefit acruing to the insurer, and the payment, sale, disposal, acquisition, agreement or variation thereof or other transaction was not reasonably necessary for the purpose of the general..... View Complete Act List Judgments citing this sectionTitle : Short Title
State : Central
Year : 1972
This Act may be called the General Insurance Business (Nationalisation) Act, 1972. 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 : Exclusive Privilege of Corporation and Acquiring Companies to Cease
State : Central
Year : 1972
1[24A. Exclusive privilege of Corporation and acquiring companies to cease Notwithstanding anything contained in this Act, the exclusive privilege of the Corporation and the acquiring companies of carrying on general insurance business in India shall cease on and from the commencement of the Insurance Regulatory and Development Authority Act, 1999 and the Corporation and the acquiring companies shall, thereafter, carry on general insurance business in India in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) :] 2[ Provided that the Corporation shall, on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, cease to carry on general insurance business. ] _________________________ 1. Inserted by Act 41 of 1999,..... View Complete Act List Judgments citing this sectionTitle : Properties in India Not to Be Insured with Foreign Insurers Except with Permission of Central Government
State : Central
Year : 1972
(1) No person shall take out or renew any policy of insurance in respect of any property in India or any ship or other vessel or aircraft registered in India with an insurer whose principal place of business is outside India save with the prior permission of the Central Government. (2) If any person contravenes any provision of sub-section (1), he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both. View Complete Act List Judgments citing this section