The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) - Complete Bare Act with All 32 Sections | Law on Tips | Law on Tips
The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) is an Indian legislation 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. It contains 32 sections organized across 7 chapters.
The General Insurance Business (Nationalisation) Act, 1972
The General Insurance Business (Nationalisation) Act, 1972
"An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers."
Overview
What is The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA)?
The The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) is an Indian legislation containing 32 sections across 7 chapters. An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers.
Sections32 across 7 chapters
Jurisdiction
Republic of India
Passed byParliament of India
AbbreviationTGIBNA
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Effect of transfer of undertakings. - (1) The undertaking of every such existing insurer as is referred to in section 5 shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of such existing insurer in relation to the undertaking, whether within or without India, and all books of accounts, registers, records and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the existing insurer in relation to the undertaking
Disbursement 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
Functions 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