General insurance corporation of india conclusion

The General Insurance Corporation of India Ltd., or the GIC, is a government-owned insurance company under the ownership of the Ministry of Finance. The GIC was incorporated on 22nd November 1972 under the Companies Act, 1956. UPSC IAS aspirants planning to appear for the competitive exams are advised to read through the following article for more clarity on the GIC

• The General Insurance Business (Nationalization) Act of 1972 (GIBNA) nationalized the entire general insurance business in India. Hence, the General Insurance Corporation of India (GIC) was formed in pursuance of Section 9 (1) of GIBNA.
• Through nationalization, the Indian government took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on the general insurance business.
• The GIC was incorporated on 22nd November 1972 under the Companies Act of 1956 as a private company limited by shares.
• The GIC was formed to superintend, control, and carry on the business of general insurance across the country.

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The General Insurance Corporation of India topic is not only important to know from the exam point of view but also helpful for practical knowledge. Hence, candidates appearing for related competitive exams are advised to check the below sections for more insights on the GIC.

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What is the meaning of GIC?

The General Insurance Corporation of India (GIC) was formed under Section 9 (1) of the General Insurance Business (Nationalization) Act (GIBNA). As soon as the GIC was formed, the government of India transferred all the shares of the 55 general insurance companies to GIC.

Simultaneously, the nationalized undertakings were transferred to the Indian insurance companies. After a process of mergers among the Indian insurance companies, four of them were left as fully owned subsidiaries of the GIC.

As of August 2020, the Chairman cum Managing Director of GIC is Mr. Devesh Srivastava

The next milestone occurred on 19th April 2000, when the Insurance Regulatory and Development Authority Act (IRDAA) came into existence.

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