General Insurance Business (Nationalisation) Act, 1972 see Insurance Act, 1938 | Bare Act | Universal Lexis Nexis | 2024 Edition

The General Insurance Business (Nationalisation) Act, 1972, also known as the Insurance Act, 1938, is a comprehensive legal framework that governs the functioning of the general insurance industry in India. This act, as updated and consolidated in the Universal Lexis Nexis 2024 Edition, provides a detailed set of regulations and guidelines for insurance companies operating in the country.

Key Features and Benefits: ??

?? Comprehensive Coverage: The Act covers various aspects of the general insurance business, including licensing of insurance companies, solvency requirements, regulation of premium rates, and the settlement of insurance claims. This ensures that customers are protected and receive fair treatment from insurance providers.

?? Nationalisation of Insurance Companies: One of the significant milestones of this Act is the nationalisation of general insurance companies in India. This move aimed to bring stability to the industry and ensure that insurance services reach a wider section of the population.

?? Consumer Protection: The Act places utmost importance on consumer protection by mandating guidelines for fair practices and ensuring timely resolution of insurance claims. It establishes grievance redressal mechanisms to address any disputes between policyholders and insurers.