The General Insurance Business (Nationalisation) Act, 1972
Central · 1972
- S. 1Short title.
- S. 2Declaration as to the policy of the State.
- S. 3Definitions.
- S. 4Transfer of shares of Indian insurance companies.
- S. 5Transfer of undertakings of other existing insurers.
- S. 6Effect of transfer of undertakings.
- S. 7Transfer of service of existing employees in certain cases.
- S. 8Provident, superannuation, welfare and other funds.
- S. 9Formation of General Insurance Corporation of India.
- S. 10Transfer to Corporation of shares vested in Central Government.
- S. 10ATransfer to Central Government of shares vested in Corporation.
- S. 10BEnhancement of equity capital of General Insurance companies.
- S. 11Amounts to be paid for transfer and vesting of shares or undertakings.
- S. 12Disbursement of amounts by Corporation.
- S. 13Mode of payment.
- S. 14Amount payable to shareholders may be paid to named persons instead in certain cases.
- S. 15Payment into court in case of rival claims.
- S. 16Schemes for mergers of companies, etc.
- S. 17Laying of schemes and notifications before Parliament.
- S. 17APower of Central Government to regulate the terms and conditions of service of officers and other employees.
- S. 18Functions of Corporation.
- S. 19Functions of acquiring companies.
- S. 20Balance of profit how to be utilised.
- S. 21Interim provisions for management of Indian insurance companies.
- S. 22Power of Central Government to transfer employees.
- S. 23Power of Central Government to issue directions.
- S. 24Acquiring companies to have the exclusive privilege of carrying on general insurance business.
- S. 24AExclusive privilege of Corporation and acquiring companies to cease.
- S. 24BCessation of application of Act.
- S. 25Omitted.
- S. 26Acquiring companies and income-tax.
- S. 27Power to reduce amounts of insurance in certain eases
- S. 28Right of acquiring company to seek relief in respect of certain transactions.
- S. 29Duty to deliver possession of property and documents relating thereto.
- S. 30Penalty for withholding property, etc.
- S. 31Officers and employees of Corporation or of acquiring companies to be public servants.
- S. 31ALiability of director of specified insurer.
- S. 32Indemnity
- S. 33Dissolution of Corporation and acquiring companies
- S. 34Reference to existing insurer in other laws
- S. 35Application of Insurance Act.
- S. 35AOmitted.
- S. 36Exemptions
- S. 37Vacancies, etc., not to invalidate proceedings.
- S. 38Protection of action taken in good faith.
- S. 38APowers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre.
- S. 39Power to make rules.
- S. 40Repealed.