How many sections are in The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA)?

The The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) contains a total of 44 sections organized across 7 chapters. The chapters are: Chapter IP — reliminary — 14 sections; Chapter IIT — ransfer To Public Ownership Of General Insurance Business — 5 sections; Chapter IIIG — eneral Insurance Corporation of India — 2 sections; Chapter IVA — mounts To Be Paid For Acquisitions — 4 sections; Chapter VS — cheme For Reorganisation Of General Insurance Business — 3 sections; Chapter VIF — unctions Of Corporation And Acquiring Companies And Their Management — 4 sections; Chapter VIIMIS — cellaneous — 12 sections.

Where can I read the complete TGIBNA bare act online for free?

You can read the complete, updated text of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) with all 44 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does TGIBNA deal with?

The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) is an Indian legislation enacted in 1972 passed by the Parliament of India. An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of TGIBNA?

TGIBNA stands for "The General Insurance Business (Nationalisation) Act, 1972". It is an Indian legislation containing 44 sections across 7 chapters. You can read the complete TGIBNA bare act with all sections at Law on Tips.

The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) - Complete Bare Act with All 44 Sections | Law on Tips

Ch. IP

reliminary

S.2Declaration 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 S.3Definitions. - In this Act, unless the context otherwise requires,S.10[Omitted]S.15[Omitted]S.22[Omitted]S.23[Omitted]S.26[Omitted]S.30[Omitted]S.32[Omitted]S.33[Omitted]S.34[Omitted]S.35[Omitted]S.37Power to make rules S.38Power to make regulations

Ch. IIT

ransfer To Public Ownership Of General Insurance Business

Ch. IIIG

eneral Insurance Corporation of India

S.9Formation of General Insurance Corporation of India. - (1) As soon as may be after the commencement of this Act, the Central Government shall form a Government company in accordance with the provisions of the Companies Act, 2013 (1 of 1956), to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance:S.10A[ Transfer to Central Government of shares vested in Corporation

Ch. IVA

mounts To Be Paid For Acquisitions

S.11Amounts to be paid for transfer and vesting of shares or undertakings. - (1) For the transfer of the shares of each Indian insurance company to, and vesting in, the Central Government, under section 4, there shall be paid by the Central Government to the Corporation, for distribution to the shareholders of each such company, the amount specified against such company in the corresponding entry under column 3 of Part A of the Schedule S.12Disbursement of amounts by Corporation. - (1) The total amount paid by the Central Government under section 11 shall be treated as additional contribution to the subscribed capital of the Corporation and such additional subscribed capital shall stand allotted to, and vested in, the Central Government S.13Mode of payment. - (1) Where the amount referred to in section 11 is to be given S.14Amount payable to shareholders may be paid to named persons instead in certain cases. - (1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who, immediately before the appointed day, were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members, shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who have dissented from the resolution, the amount may be given to the person or body of persons so nominated in such manner and subject to such conditions as the Central Government may think fit

Ch. VS

cheme For Reorganisation Of General Insurance Business

S.16Schemes for mergers of companies, etc. - (1) If the Central Government is of opinion that for the more efficient carrying on of general insurance business it is necessary so to do, it may, by notification, frame one or more schemes providing for all or any of the following matters:S.17[ Laying of schemes and notifications before Parliament S.17APower of Central Government to regulate the terms and conditions of service of officers and other employees. - (1) The Central Government may, by notification in the Official Gazette, frame one or more schemes for regulating the pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company

Ch. VIF

unctions Of Corporation And Acquiring Companies And Their Management

S.18Functions of Corporation. - (1) The functions of the Corporation shall include S.19Functions of acquiring companies. - (1) Subject to the rules, if any, made by the Central Government in this behalf and to its memorandum and articles of association, it shall be the duty of every acquiring company to carry on general insurance business S.20Balance of profit how to be utilised. - (1) After making provision for bad and doubtful debts, depreciation in assets, provident, superannuation, welfare and other funds, debts due to Government and all other matters for which provision is necessary under any law or which are usually provided for by insurance companies, every acquiring company shall distribute the balance of profit as dividends S.21Interim provisions for management of Indian insurance companies. - (1) Notwithstanding anything contained in the Companies Act or in the memorandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company shall continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the [General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)], and the Custodian shall be entitled, subject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors

Ch. VIIMis

cellaneous

S.24Acquiring companies to have the exclusive privilege of carrying on general insurance business. - (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 S.24A[ Exclusive privilege of Corporation and acquiring companies to cease S.24BCessation of application of Act S.25Properties in India not to be insured with foreign insurers except with permission of Central Government S.27Power to reduce amounts of insurance in certain cases. - An acquiring company may, having regard to its financial condition on the 13th day of May, 1971 or the financial condition on the said date of any existing insurer whose undertaking has been transferred to and vested in it under this Act reduce the liabilities which have arisen under contracts of general insurance entered into before the said date in such manner and subject to such conditions as it thinks fit:S.28Right of acquiring company to seek relief in respect of certain transactions. - (1) Where an existing insurer has at any time within five years before the 13th day of May, 1971 S.29Duty 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,S.31A. Liability of director of specified insurer- A director of a specified insurer who is not its whole-time director shall be held liable only in respect of such acts of omission or commission of the specified insurer which had been committed with his knowledge, attributable through board processes, and with his consent or connivance or where he had not acted diligently S.36Exemptions. - (1) Nothing contained in this Act shall apply in relation to S.38A[ Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre. [Inserted by International Financial Services Centres Authority Act, 2019 (50 of 2019).]S.39Power to make rules. - (1) The Central Government may, by notification, make rules to carry out the provisions of this Act S.40Omission of section 14 of Act 17 of 1971. - [Repealed by the Repealing and Amending Act, 1978(38 of 1978),section 2 and ScheduleI.]

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The General Insurance Business (Nationalisation) Act, 1972