General Insurance Business (Nationalisation) Act, 1972

Bare Act · 1972

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.

Act number
57 of 1972
Enacted
20 September 1972
Contents
49 sections · 9 chapters

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Contents

Chapter I — Preliminary

Chapter II — Transfer To Public Ownership Of General Insurance Business

Chapter III — General Insurance Corporation Of India

Chapter IV — Amounts To Be Paid For Acquisitions

Chapter V — Scheme For Reorganisation Of General Insurance Business

Chapter VA — Terms And Conditions Of Service Of Officers And Other Employees

Chapter VI — Functions Of Corporation And Acquiring Companies And Their Management

Chapter VII — Miscellaneous

Sections