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Dear Colleagues,

On this first day of 2014, I wish you and your family safe, healthy, prosperous and very Happy New Year.

2013 was a year of performance for us at GIC Re. We recorded the highest ever profit, declared the highest ever dividend, established a joint venture reinsurance company in Bhutan, are very actively pursuing to upgrade our status in Brazil and are on the verge of establishing our presence in South Africa as well. In short 2013 has been a happening year at GIC Re!

I give the entire credit for all these to 'YOU', who are our core strength. Your good work, in whichever department you are deployed, has enabled us to reach this position. After all it is the team work that matters.

Future is always full of challenges, some known and some unknown. I am optimistic that collectively we will create more milestones in 2014 as well, surmounting challenges.

I can assure you that Management will never be found wanting In creating the right atmosphere for things to happen and am confident that you will make the best use of the opportunities being provided and together we shall strive to remain healthy, competitive and improve our position in the comity of reinsurers.

With that confidence I once again extend my best wishes to you and your family for good health and happiness in 2014.

With Best Wishes,

Ashok K Roy

Chairman-cum-Managing Director

I am happy to launch the revamped and redesigned the website (www.gicofindia.in). In today's environment and more so in a service oriented industry like ours websites are used not only as a source of information but also as a source of knowledge and means to develop business relations and networking with our customers. They also provide a channel for the citizens at large to share their views and opinions about our activities. To enable this it is important to have a state-of-the-art website which becomes our v-card for the world.

The revamped website is more user-friendly, cleaner, pleasing to the eye and of course easy to navigate. You will have to use much lesser number of clicks to reach your desired page. The site is also optimized for differently abled visitors. This is achieved by providing screen-reader access that can assist such visitors to also 'listen' to the contents on the site. In addition it is standardized for different browsers to enable easy and convenient log-in from anywhere.

Very soon, the revamped website would support an intranet too. This would enable the members of GIC Re family to communicate and collaborate better and share presentations and opinions with much more ease.

As you are aware we have recently enlarged the band of brokers who transact business with us through the straight-through-process 'e-thru'. A plan to put e-thru also on the website for better functionalities is also on the anvil.

Happy browsing,

A K Roy

The functioning of GIC has to be within the regulations of the following major Acts:

Memorandum and Articles of Association of the Corporation (2.1MB)
IRDAI Obligatory Cessions Gazette (312KB)
The Companies Act, 2013 (2.84MB)
Insurance Act, 1938 (970KB)
General Insurance Business (Nationalisation) Act, 1972 (334KB)
General Insurance Business (Nationalisation) Amendment Act. 2002 (182KB)
Insurance Regulatory and Development Authority Act, 1999 (142KB)

The entire general insurance business in India was nationalised by 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 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.

GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.

As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC.

Simultaneously, the nationalised undertakings were transferred to Indian insurance companies.

After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC

National Insurance Company Limited.
The New India Assurance Company Limited.
The Oriental Insurance Company Limited.
United India Insurance Company Limited.

The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force.

This Act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.

In November 2000, GIC was renotified as the Indian Reinsurer and through administrative instruction, its supervisory role over the four subsidiaries was ended.

With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force from March 21, 2003; GIC ceased to be a holding company of its subsidiaries.

The ownership of the four erstwhile subsidiary companies and also of the General Insurance Corporation of India was vested with Government of India.