{"id":253097,"date":"2021-08-22T10:30:22","date_gmt":"2021-08-22T05:00:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253097"},"modified":"2021-08-22T09:52:36","modified_gmt":"2021-08-22T04:22:36","slug":"4-subsidiary-companies-of-gic-privatised-vide-general-insurance-business-nationalisation-amendment-act-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/22\/4-subsidiary-companies-of-gic-privatised-vide-general-insurance-business-nationalisation-amendment-act-2021\/","title":{"rendered":"4 subsidiary companies of GIC privatised vide General Insurance Business (Nationalisation) Amendment Act, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Central government has published the General Insurance Business (Nationalization) Amendment Act, 2021 vide notification dated August 19, 2021. The General Insurance Business (Nationalisation) Amendment Act, 2021 seeks to privatise government companies undertaking general insurance business in India.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><strong>Key highlights of the Act are<\/strong>:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance is no longer required to have shareholding of the central government.<\/li>\n<li>The General Insurance Business (Nationalisation) Act, 1972 will not apply to the four companies from the date on which the central government renounces control of the insurer. Control means: (i) the power to appoint a majority of directors of a specified insurer, or (ii) to have power over its management or policy decisions.<\/li>\n<li>The Board of directors of the four companies may frame terms and conditions of service of employees. The amendment limits the liability of the Board of the four companies.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<hr \/>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central government has published the General Insurance Business (Nationalization) Amendment Act, 2021 vide notification dated August 19, 2021. The General Insurance <\/p>\n","protected":false},"author":121,"featured_media":253058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-253097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 subsidiary companies of GIC privatised vide General Insurance Business (Nationalisation) Amendment Act, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/22\/4-subsidiary-companies-of-gic-privatised-vide-general-insurance-business-nationalisation-amendment-act-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 subsidiary companies of GIC privatised vide General Insurance Business (Nationalisation) Amendment Act, 2021\" \/>\n<meta property=\"og:description\" content=\"The Central government has published the General Insurance Business (Nationalization) Amendment Act, 2021 vide notification dated August 19, 2021. 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12, 2021","format":false,"excerpt":"On August 11, 2021, the General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by Rajya Sabha. The Bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. The Act was enacted to nationalise all private companies undertaking general insurance business in India Key Highlights: Omit the proviso to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/parliamentSM.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":253446,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/31\/general-insurance-business-nationalisation-amendment-act-2021-comes-into-force-w-e-f-august-27-2021\/","url_meta":{"origin":253097,"position":1},"title":"General Insurance Business (Nationalisation) Amendment Act, 2021 comes into force w.e.f August 27, 2021","author":"Bhumika Indulia","date":"August 31, 2021","format":false,"excerpt":"On August 27, 2021, the Ministry of Finance has issued the notification regarding enforcement date for the provisions of the General Insurance Business (Nationalisation) Amendment Act, 2021 which shall come into force on August 27, 2021. The objective of the General Insurance Business (Nationalisation) Amendment Act, 2021 to nationalise all\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7100,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/01\/07\/insurance-laws-amendment-ordinance-20141\/","url_meta":{"origin":253097,"position":2},"title":"Insurance Laws (Amendment) Ordinance, 2014","author":"Sucheta","date":"January 7, 2015","format":false,"excerpt":"On 27-12-2014, the Union Cabinet approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014. The Ordinance aims to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008. The\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/appoointment.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7210,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/05\/28\/repealing-and-amending-second-act-2015\/","url_meta":{"origin":253097,"position":3},"title":"Repealing and Amending (Second) Act, 2015","author":"Sucheta","date":"May 28, 2015","format":false,"excerpt":"The Repealing and Amending (Second) Act, 2015 received the assent of the President on 14.05.2015. The objective of the Act is to repeal the enactments which have ceased to be in force or have become obsolete or the retention of which as separate Acts is unnecessary OR correct\/ amend the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251364,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/pension-fund-regulatory-and-development-authority-pension-fund-sixth-amendment-regulations-2021\/","url_meta":{"origin":253097,"position":4},"title":"Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"July 16, 2021","format":false,"excerpt":"The Pension Fund Regulatory and Development Authority makes the Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021 to amend the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 namely, In regulation 8 relating to Eligibility Criteria, in clause (g), the words \u201cforty nine per\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/Pension-Fund-Regulatory.jpg?resize=1050%2C600&ssl=1 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