Logos of India

GENERAL INSURANCE COUNCIL The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-Life insurance industry. As per Section 64C of the Insurance Act, 1938 (and amended in January 2015) all general insurers, health insurers and reinsurers granted registration and licence by IRDAI to carry out business in India are members of the General Insurance Council. After the passage of the Insurance Laws (Amendment) Act in April 2015, GI Council is a Self Regulatory Organization for the non-life insurance industry’s market conduct and practices. Its emblem is a blue square diagonally placed and is intercepted by a human figure, which is supported on both sides by grey arrow heads. At the bottom is a banner with the tagline ‘Together We...

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...