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 (40 of 2002) coming into force from March 2