The whole broad protection business in India was nationalized by the Government of India

(GOI) through the General Insurance Business (Nationalization) Act (GINA) of 1972.[5] 55
Indian insurance agencies and 52 other general protection activities of different organizations
were nationalized. The General Insurance Corporation of India (GIC) was framed in
compatibility of Section 9(1) of GIBNA. It was fused on 22 November 1972 under the
Companies Act, 1956 as a privately owned business constrained by shares. GIC was shaped
to control and work the matter of general protection in India.

The GOI moved all the benefits and tasks of the nationalized general insurance agencies to
GIC and other open division insurance agencies. After a procedure of mergers and union,
GIC was re-sorted out with four completely possessed auxiliary organizations: National
Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance
Company Limited and United India Insurance Company.

GIC and its auxiliaries had a restraining infrastructure on the general protection business in
India until the milestone Insurance Regulatory and Development Authority Act (IRDA Act)
of 1999 became effective on 19 April 2000. This demonstration additionally revised the
GIBNA Act and Insurance Act of 1938. The demonstration alongside the changes finished
the restraining infrastructure of GIC and its auxiliaries and changed the protection business in
India.

In November 2000, GIC was informed as India's Re back up plan, yet its administrative job
over its auxiliaries was finished. This was trailed by the General Insurance Business
(Nationalization) Amendment Act of 2002.[6] Coming into impact from 21 March 2003, this
alteration finished GIC's job as a holding organization of its auxiliaries. The responsibility for
auxiliaries was moved to the Government of India.