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 10A: Transfer to Central Government of shares vested in Corporation.
    1 [10A. Transfer to Central Government of shares vested in Corporation.-- All the shares in the capital of the acquiring companies, being--
         (a) the National Insurance Company Limited;
         (b) the New India Assurance Company Limited;
         (c) the Oriental Insurance Company Limited;
         (d) the United India Insurance Company Limited,
     and vested in the Corporation before the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002 shall, on such commencement, stand transferred to the Central Government.]
Notes:
1. Ins. by Act 40 of 2002, s. 3 (w.e.f. 21-3-2003).
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