General Insurance (Business) (Nationalization) Act, 1972

Buy a motor policy, a fire policy or a travel cover from a large public sector insurer and you are dealing with a company whose shape was fixed by an Act of 1972. Sixteen years after life insurance was taken into public hands, Parliament did the same for general insurance. Then, in 1999, it took the monopoly away again. What did the 1972 Act do, what happened to it, and where does it still appear in the statute book?

In two minutes

The General Insurance Business (Nationalisation) Act 1972 nationalised general insurance in India and placed it with a public Corporation and acquiring companies; its exclusive privilege ended by the new s.24A inserted through the IRDA Act 1999, and the Act survives as a reference point in the Insurance Act 1938 and the Motor Vehicles Act 1988.

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