1. Short title.—This Act may be called the General Insurance Business (Nationalisation) Act, 1972.
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.
3. Definitions.—In this Act, unless the context otherwise requires,—
(a) “acquiring company” means any 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 as 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;
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[(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 Companies Act, 2013 (18 of 2013)];
(d) “Corporation” means the General Insurance Corporation of 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 of 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 insurance business carried on by it;
(f) “foreign insurer” means an existing insurer incorporated under the law of any country outside
India;
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[(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 the meaning of the Companies Act;
(j) “Insurance Act” means the Insurance Act, 1938 (4 of 1938);
1. Ins. by Act 37 of 2021, s. 2 (w.e.f. 27-8-2021).
2. Subs. by s. 2, ibid., for "the Companies Act, 1956 (1 of 1956)” (w.e.f. 27-8-2021).
3. Subs. by s. 2, ibid., for clause (g) (w.e.f. 27-8-2021).
4. Subs. by s. 2, ibid., for “section 617” (w.e.f. 27-8-2021).
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(k) “Life Insurance Corporation” means the Life Insurance Corporation of India established under
the Life Insurance Corporation Act, 1956 (31 of 1956);
(l) “notification” means a notification published in the Official Gazette;
(m) “prescribed” means prescribed by rules made under this Act;
(n) “Schedule” means the Schedule to this Act;
(o) “scheme” means the scheme framed under section 16 1
[and also includes a scheme framed
under section 17A];
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[(oa) “specified insurer” means the Corporation as defined in clause (d) or any of the insurance
companies specified in section 10A;]
(p) words and expressions used in this Act but not defined herein and defined in the Insurance
Act, shall have the meanings respectively assigned to them in that Act;
(q) words and expressions used in this Act but not defined herein or in the Insurance Act and
defined in the Companies Act, shall have the meanings respectively assigned to them in the
Companies Act.