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 29: Duty to deliver possession of property and documents relating thereto.
    (1) Where any property appertaining to an existing insurer has been transferred to and vested in an Indian insurance company under section 5,--
         (a) every person in whose possession, custody or control any such property may be, shall deliver the property to the Indian insurance company forthwith,
         (b) any person who immediately before such vesting has in his possession, custody or control any books, documents or other papers relating to an existing insurer shall be liable to account for the said books, documents and papers to the Indian insurance company, and shall deliver them to that company or to such person as that company may direct.
     (2) In particular, all the assets of an existing insurer appertaining to the undertaking held in deposit by the Reserve Bank of India under the Insurance Act or by trustees in trust shall be delivered to the Indian insurance company.
     (3) Without prejudice to the other provisions contained in this section, it shall be lawful for each Indian Insurance company to take all necessary steps for taking possession of all properties which have been transferred to and vested in it under this Act.
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