Section 3 of GIBNA : Section 3: Definitions

GIBNA

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Explanation using Example

Imagine a scenario where the government decides to restructure the general insurance sector. In this process, two Indian insurance companies, 'InsureSafe' and 'SecureLife', which were previously operating separately, are to be merged into a single entity. According to Section 3(a) of The General Insurance Business (Nationalisation) Act, 1972, the newly merged entity will be referred to as the 'acquiring company'. Let's call this new entity 'UnitedInsure'.

The 'appointed day' for the merger, as per Section ...

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