General Insurance Business (Nationalisation) Act, 1972 see Insurance Act, 1938

This consolidated edition delivers the complete text of the General Insurance Business (Nationalisation) Act, 1972, the statute that reshaped India’s insurance landscape by transferring the control, management and ownership of general insurance companies to the public sector. The book explains the establishment of the General Insurance Corporation of India (GIC), the process of reorganising insurers into subsidiaries and the legal mechanisms for vesting assets, liabilities and management rights. Detailed annotations help readers understand key concepts such as acquisition of undertakings, management oversight, compensation, government control, and subsequent changes triggered by later amendments and policy reforms. To provide a full regulatory picture, this edition also includes cross-references to the Insurance Act, 1938, enabling readers to understand how the foundational regulatory provisions interact with the nationalisation framework. Designed for clarity and quick consultation, the book features a structured layout, definitions, timelines and practice notes useful for research, litigation and policy analysis. This is an essential resource for insurance professionals, lawyers, students and regulatory specialists studying the historical, organisational and statutory development of India’s general insurance sector.