The General Insurance Business (Nationalisation) Act, 1972

[Act No. 57 of 1972]

[20th September, 1972.]

Contents
Title	The General Insurance Business (Nationalisation) Act, 1972
Sections	Chaptericulars
Chapter I	Preliminary
1.	Short title
2.	Declaration as to the policy of the State
3.	Definitions
Chapter II	Transfer to Public Ownership of General Insurance Business
4.	Transfer of shares of Indian insurance companies
5.	Transfer of undertakings of other existing insurers
6.	Effect of transfer of undertakings
7.	Transfer of service of existing employees in certain cases
8.	Provident, superannuation, welfare and other funds
Chapter III	General Insurance Corporation of India
9.	Formation of General Insurance Corporation of India
10.	Transfer to Corporation of shares vested in Central Government
10A.	Transfer to Central Government of shares vested in Corporation
10B.	Enhancement of equity capital of General Insurance companies
Chapter IV	Amounts to be Paid for Acquisitions
11.	Amounts to be paid for transfer and vesting of shares or undertakings
12.	Disbursement of amounts by Corporation
13.	Mode of payment
14.	Amount payable to shareholders may be paid to named persons instead in certain cases
15.	Payment into court in case of rival claims
Chapter V	Scheme for Reorganisation of General Insurance Business
16.	Schemes for mergers of companies, etc
17.	Laying of schemes and notifications before Parliament
Chapter VA	Terms and Conditions of Service of Officers and Other Employees
17A.	Power of Central Government to regulate the terms and conditions of service of officers and other employees
Chapter VI	Functions of Corporation and Acquiring Companies and their Management
18.	Functions of Corporation
19.	Functions of acquiring companies
20.	Balance of profit how to be utilised
21.	Interim provisions for management of Indian insurance companies
22.	Power of Central Government to transfer employees
23.	Power of Central Government to issue directions
Chapter VII	Miscellaneous
24.	Acquiring companies to have the exclusive privilege of carrying on general insurance business
24A.	Exclusive privilege of Corporation and acquiring companies to cease
25.	Omitted
26.	Acquiring companies and income-tax
27.	Power to reduce amounts of insurance in certain eases
28.	Right of acquiring company to seek relief in respect of certain transactions
29.	Duty to deliver possession of property and documents relating thereto
30.	Penalty for withholding property, etc
31.	Officers and employees of Corporation or of acquiring companies to be public servants
32.	Indemnity
33.	Dissolution of Corporation and acquiring companies
34.	Reference to existing insurer in other laws
35.	Application of Insurance Act
35A.	Deduction of income-tax not to be made on interest or dividend payable to the Corporation, etc
36.	Exemptions
37.	Vacancies, etc., not to invalidate proceedings
38.	Protection of action taken in good faith
39.	Power to make rules
40.	Omission of section 14 of Act 17 of 1971
The Schedules	Amounts to be paid
Part A	Table I
Part B	Table II