Title : Transfer of Undertakings of Other Existing Insurers
State : Central
Year : 1972
(1) On the appointed day, the undertaking of every existing insurer who is not an Indian insurance company shall stand transferred to and vested in the Central Government and the Central Government shall immediately thereafter provide, by notification, for the transfer to and vesting in such Indian insurance company, as it may specify in the notification, of that undertaking. (2) Any notification made under sub-section (1) may provide that any of the undertakings aforesaid may be transferred to and vested in more than one Indian insurance company in such manner and subject to such conditions as may be specified in the notification. 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 : Transfer to Central Government of Shares Vested in Corporation
State : Central
Year : 1972
1[10A. Transfer to Central Government of shares vested in Corporation All the shares in the capital of the acquiring companies, being-- (a) the National Insurance Company Limited; (b) the New India Assurance Company Limited; (c) the Oriental Insurance Company Limited; (d) the United India Insurance Company Limited, and vested in the Corporation before the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002 shall, on such commencement, stand transferred to the Central Government. ] __________________________ 1. Inserted by Act 40 of 2002, section 3. View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Regulate the Terms and Conditions of Service of Officers and Other Employees
State : Central
Year : 1972
(1) The Central Government may, by notification in the Official Gazette, frame one or more schemes for regulating the pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company. (2) A scheme framed under sub-section (1) may add to, amend or vary any scheme framed under section 16 [including any addition, amendment or variation made therein by notification under sub-section (6) of section 16] with respect to rationalisation or revision of pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company, to provide for further rationalisation or revision of such pay scales and other terms and conditions of service notwithstanding that such further..... View Complete Act List Judgments citing this sectionTitle : Effect of Transfer of Undertakings
State : Central
Year : 1972
(1) The undertaking of every such existing insurer as is referred to in section 5 shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests, in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of such existing insurer in relation to the undertaking, whether within or without India, and all books of accounts, registers, records and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the existing insurer in relation to the undertaking. (2) Unless..... 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 : Amounts to Be Paid for Transfer and Vesting of Shares or Undertakings
State : Central
Year : 1972
(1) For the transfer of the shares of each Indian insurance company to, and vesting in, the Central Government, under section 4, there shall be paid by the Central Government to the Corporation, for distribution to the shareholders of each such company, the amount specified against such company in the corresponding entry under column 3 of Part A of the Schedule. (2) For the transfer to, and vesting in, the Central Government, under section 5, of the undertaking of each existing insurer, who is not an Indian Insurance Company there shall be paid by the Central Government to the Corporation, for payment to each such existing insurer, the amount specified against such insurer in the corresponding entry under column 8 of Part B of the Schedule. View Complete Act List Judgments citing this sectionTitle : Mode of Payment
State : Central
Year : 1972
(1) Where the amount referred to in section 11 is to be given-- (a) to the members of an Indian insurance company the amount due to each such member shall be paid in full where it does not exceed twenty-five thousand rupees and where it exceeds twenty-five thousand rupees each such member shall be paid twenty-five thousand rupees and the balance of the amount due to such member shall be paid to him in three equal annual instalments the first of which shall fall due on the appointed day; (b) to a foreign insurer, it shall be given to him in cash within three months from the appointed day; (c) to the Life Insurance Corporation, it shall be given to it in three equal annual instalments the first of which shall fall due on the appointed day; (d) to an existing insurer who is a..... View Complete Act List Judgments citing this sectionTitle : Balance of Profit How to Be Utilised
State : Central
Year : 1972
(1) After making provision for bad and doubtful debts,depreciation in assets, provident, superannuation, welfare and otherfunds, debts due to Government and all other matters for which provision is necessary under anylaw or which are usually provided for by insurance companies, every acquiringcompany shall distribute the balance of profit as dividends. (2) Any profit made by the Corporationand any sums received by the Corporation by way of dividends or otherwise shall be dealt with by itin such manner as may be prescribed. 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 section