The General Insurance Business (Nationalisation) Act, 1972

Act No. 57

20-Sep-1972

Section 1 — Sh ort title

1. Sh ort title .-This Act may be called the General Insurance Business (Nationalisation) Act, 1972.

Section 2 — Declaration as to the policy of the State

2. Declaration as to the policy of the State. -It is hereby declared that this Act is for giving effect to the policy of the State towards securing the principles specified in clause ( c) of article 39 of the Constitution. Explanation .-In this section, “State ” has the same meaning as in article 12 of the Constitution.

Section 3 — Definitions

3. Definitions. -In this Act, unless t he context otherwise requires, -

(a)“acquiring company ” means a ny Indian insurance company and, where a scheme has been framed involving the merger of one Indian insurance company in another or the amalgamation of two or more such companies, means the Indian insurance company in which any other company has been merged or the company which has been formed a s a result of the amalgamation;

(b)“appointed day ” means such day not being a day later than the 2nd day of January, 1973, as the Central Government may, by notification, appoint; 1[(ba) “board of directors ” or “board ”, in relation to a specified insurer, shall have the same meaning as assigned to it in clause ( 10) of section 2 of the Companies Act, 2013 (18 of 2013) ;]

(c)“Companies Act ” means 2[the C ompanies Act, 2013 (18 of 2013 )];

(d)“Corporation ” means the General Insurance Corporation o f India formed under section 9;

(e)“existing insurer ” means every insurer the management of whose undertaking has vested in the Central Government under section 3 o f the General Insurance (Emergency Provisions) Act, 1971 (17 of 1971), and includes the undertaking of the Life Insurance Corporation in so far as it relates to the general insur ance business carried on by it;

(f)“foreign insurer ” means an existing insure r incorporated under the la w of any country outside India; 3[(g) “general insurance business" shall have the same meaning as assigned to it in the Insurance Act, 1938 (4 of 1938) ;]

(h)“Government company ” means a Government company as defined in 4[clause ( 45) of section 2] of the Companies Act;

(i)“Indian insurance company ” means an existing insurer having a share capital who is a company within th e meaning of the Companies Act;

(j)“Insurance Act ” means the Insurance Act, 1938 (4 of 1938);