The General Insurance Business (Nationalisation) Act

Acquiring companies to have the exclusive privilege of carrying on general insurance business

Exclusive privilege of Corporation and acquiring companies to cease

Omitted

Acquiring companies and income-tax

Power to reduce amounts of insurance in certain ease

Right of acquiring company to seek relief in respect of certain transactions

Duty to deliver possession of property and documents relating thereto

Penalty for withholding property, etc

Officers and employees of Corporation or of acquiring companies to be public servants

Indemnit

Dissolution of Corporation and acquiring companie

Reference to existing insurer in other law

Application of Insurance Act

Exemption

Vacancies, etc., not to invalidate proceedings

Protection of action taken in good faith

Power to make rules

Repealed


MISCELLANEOUS


(1) Except to the extent expressly provided in this Act, on and from the appointed day, the
Corporation and the acquiring companies shall have the exclusive privilege of carrying on general
insurance business in India.

(2) Subject to the provisions of section 36, any certificate of registration granted under the Insurance
Act to any insurer other than an insurer referred to in sub-section (1) shall, on and from the appointed day,
cease to have effect:

Provided that nothing in this sub-section shall apply to the carrying on by the Life Insurance
Corporation of life insurance business and capital redemption and annuity certain business.

LAWGIST

# 24 Acquiring companies to have the exclusive privilege of carrying on general insurance business