GENERAL INSURANCE CORPORATION OF INDIA

GENERAL INSURANCE CORPORATION OF INDIA

The entire general insurance business in India was nationalised by the General Insurance Business (Nationalisation) Act, 1972 (GIBNA). The Government of India (GOI), through nationalisation took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on November 22, 1972 under the Companies Act, 1956 as a private company limited by shares. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC namely, National Insurance Company Limited; The New India Assurance Company Limited; The Oriental Insurance Company Limited and United India Insurance Company Limited. With the General Insurance Business (Nationalisation) Amendment Act 2002 Act (40 of 2002) coming into force from March 21, 2003; GIC ceased to be a holding company of its subsidiaries. Its emblem has a white square diagonally placed within a blue square safeguarded by a thick and strong protective stroke resembling a folded hand. Below this, its tagline in Sanskrit ‘Aapatkale Rakshisyami’ meaning ‘I save in emergencies’ is written. It is supported by its name ‘GIC Re’ written in large serif letters.