The General Insurance Business (Nationalisation) Act, 1972

The General Insurance Business (Nationalisation) Act, 1972 is a landmark legislation in the history of the Indian insurance industry. The Act was enacted to nationalize the general insurance business in India and bring it under the control of the Central Government. The Act abolished all existing insurance companies, and all the assets and liabilities of these companies were transferred to the newly created four General Insurance Companies, namely National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited. The Act also established the General Insurance Corporation of India as a holding company for these four companies. The Act aimed to promote the development of the general insurance business in India and ensure that it functions in the best interests of policyholders and the general public.