Act Number: 57

Act Name: The General Insurance Business (Nationalisation) Act, 1972

Year: 1972

Enactment Date: 1972-09-20

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 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.
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