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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)

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

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.