The General Insurance Business Nationalization act was passed in 1972 to set up the general Insurance business. It was the nationalization of 107 insurance companies into one main company called General Insurance Corporation of India and its four subsidiary companies with exclusive privilege for transacting general insurance business. This act has been amended and the exclusive privilege ceased on and from the commencement of the insurance regulatory and development authority act 1999. General Insurance Corporation has been working as a reinsurer in India. Their subsidiaries are working as a separate entity and plays significant role in the public sector of general Insurance. General Insurance Companies have willingly catered to these increasing demands and have of insurance covers that almost cover anything under the sun.
Key-words: General Insurance Corporation of India, subsidiary companies, insurance regulatory and development authority, public sector etc.
