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 10B: Enhancement of equity capital of General Insurance companies.
    1 [10B. Enhancement of equity capital of General Insurance companies.-- The General Insurance Corporation and the insurance companies specified in section 10A may, raise their capital for increasing their business in rural and social sectors, to meet solvency margin and such other purposes, as the Central Government may empower in this behalf:
     2*                            *                *                *                        *]
Notes:
1. Ins. by Act 5 of 2015, s. 103 (w.e.f. 26-12-2014).
2. The proviso omitted by Act 37 of 2021, s. 4 (w.e.f. 27-8-2021).
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