The entire wide assurance business in India was nationalized by the Government of India

(GOI) through the General Insurance Business (Nationalization) Act (GINA) of 1972.[5] 55
Indian protection offices and 52 other general security errands of various associations were
nationalized. The General Insurance Corporation of India (GIC) was confined in similarity of
Section 9(1) of GIBNA. It was intertwined on 22 November 1972 under the Companies Act,
1956 as an exclusive business confined by shares. GIC was molded to control and work the
matter of general assurance in India.

The GOI moved all the advantages and assignments of the nationalized general protection
offices to GIC and other open part protection organizations. After a methodology of mergers
and cementing, GIC was re-sifted through with four totally had assistant associations:
National Insurance Company Limited, New India Assurance Company Limited, Oriental
Insurance Company Limited and United India Insurance Company.

GIC and its helpers had a monumental plan of action on the general assurance business in
India until the achievement Insurance Regulatory and Development Authority Act (IRDA
Act) of 1999 got compelling on 19 April 2000. This exhibition moreover rectified the
GIBNA Act and Insurance Act of 1938. The exhibit close by the amendments completed the
monumental plan of action of GIC and its helpers and changed the assurance business in
India.

In November 2000, GIC was exhorted as India's Re security net supplier, yet its regulatory
activity over its assistants was done. This was trailed by the General Insurance Business
(Nationalization) Amendment Act of 2002.[6] Coming into sway from 21 March 2003, this
remedy completed GIC's activity as a holding association of its assistants. The duty regarding
assistants was moved to the Government of India.