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General Insurance Business (Nationalisation) Act,1972 Complete Act

Title: General Insurance Business (Nationalisation) Act,1972

State: Central

Year: 1972

.....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

General Insurance Business (Nationalisation) Act,1972 Amending Act 1

Title: 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 ofthe General Insurance Business (Nationalisation) Act, 1972 (57 of 1972)(hereinafter referred to as the principal Act),-- (a) insub-section (1), the following proviso shall be inserted, namely :-- 'Provided thaton and from the commencement of the General Insurance Business (Nationalisation)Amendment Act, 2002, the provisions of this sub-section shall have effect as iffor the words "superintending, controlling and.....

General Insurance Business (Nationalisation) Act,1972 Chapter III

Title: General Insurance Corporation of India

State: Central

Year: 1972

.....it shall not be necessary to add the word "Limited" as the last word of the name of the Corporation. __________________________ 1. Inserted by Act 40 of 2002, section 2. 2. Substituted by Act 38 of 1989, section 2, for certain words (w.e.f. 22-10-1989). Section 10 - Transfer of Corporation of shares vested in Central Government (1) All the shares in the capital of every Indian insurance company which stand transferred to and vested in the Central Government by virtue of section 4 [with the exception of the shares transferred to any person under sub-section (2) of that section] shall immediately after such vesting, stand transferred to and vested in the Corporation and every Indian insurance company shall forthwith give effect to such transfer of shares and rectify its register of members by including therein the Corporation as the holder of such shares. Section 10A - Transfer to Central Government of shares vested in Corporation 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).....

General Insurance Business (Nationalisation) Act,1972 Section 9

Title: Formation of General Insurance Corporation of India

State: Central

Year: 1972

.....two hundred and fifty crores, divided into two hundred and fifty lakhs fully paid-up shares] of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the Corporation: 1 [Provided that the Central Government may, by notifica­tion, increase or reduce the authorised capital or subscribed capital, as the case may be, as it deems fit.] (3) Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), it shall not be necessary to add the word "Limited" as the last word of the name of the Corporation. __________________________ 1. Inserted by Act 40 of 2002, section 2. 2. Substituted by Act 38 of 1989, section 2, for certain words (w.e.f. 22-10-1989).

General Insurance Business (Nationalisation) Act,1972 Preamble 1

Title: General Insurance Business (Nationalisation) Act, 1972

State: Central

Year: 1972

THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 [Act, No. 57 of 1972] [20th September, 1972] PREAMBLE An Act to provide for the acquisition and transfer of shares of Indian Insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-third Year of the Republic of India as follows:--

General Insurance Business (Nationalisation) Act,1972 Chapter V

Title: Scheme for Reorganisation of General Insurance Business

State: Central

Year: 1972

.....power to frame such scheme with retrospective effect from adate not earlier than the appointed date.] _________________________ 1.Inserted by Act 3 of 1985, section 3 (w.r.e.f. 17-9-1984). Section 17 - Laying of schemes and notifications before Parliament 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 the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously.....

General Insurance Business (Nationalisation) Act,1972 Section 24

Title: 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.

General Insurance Business (Nationalisation) Act,1972 Chapter VII

Title: Miscellaneous

State: Central

Year: 1972

.....as it may direct. Section 34 - Reference to existing insurer in other laws Any reference to an existing insurer in any law other than this Act or any contract or other instrument shall, in so far as it relates to an acquiring company, be construed as a reference to that company. Section 35 - Application of Insurance Act 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. Section 35A - [Omitted] 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). Section 36 - Exemptions (1) Nothing contained in this Act shall apply in relation to-- (a) any general insurance business carried on by a State Government, to the extent to which such insurance relates to properties belonging to it or undertakings owned wholly or.....

General Insurance Business (Nationalisation) Act,1972 Section 36

Title: Exemptions

State: Central

Year: 1972

.....before or after the appointed day, carries on only such general insurance business as is not carried on ord inarily by insurers, it may, by notification, direct that nothing contained in this Act sh all apply to such insurer. _________________________ 1. Any reference to the Deposit Insurance Corporation be constructed as a reference to the Deposit Insurance and Credit Guarantee Corporation (w.e.f. 15-7-1978) vide section 8 of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978). 2. By section 8 of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978) nomenclature of the Act has been amended. Now it stands as the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).

General Insurance Business (Nationalisation) Act, 1972 Complete Act

State: Central

Year: 1972

.....Companies Act; (i) "Indian insurance company" means an existing insurer having a share capital who is a company within the meaning of the Companies Act; (j) "Insurance Act" means the Insurance Act, 1938; (k) Life Insurance Corporation" means the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956; (l) "notification" means a notification published in the Official Gazette; (m) "prescribed" means prescribed by rules made under this Act; (n) "Schedule" means the Schedule to this Act; (o) "scheme" means the scheme framed under section 16-3[and also includes a scheme framed under section 17A-]; (p) words and expressions used in this Act but not defined herein and defined in the Insurance Act, shall have the meanings 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, shall have the meanings respectively assigned to them in the Companies Act. Clause 3.- "The Committee feel that the Act should be made effective as early as possible and, for that purpose, there should be an overall time limit beyond which the implementation of the.....