The General Insurance Corporation of India (GIC Re) has been set up as a government company under Section 9(1) of the General Insurance Business Nationalization Act (GIBNA), for the purpose of superintending, controlling and carrying on the business of General Insurance.
All the 52 general insurance companies which were in operation prior to 1973 were merged into four main subsidiaries of GIC namely National Insurance Company, New India Assurance Company Ltd., Oriental Insurance Company Ltd., and United India Insurance Company Ltd. These four companies were re-notified as independent business activities in November 2000 after the promulgation of the Insurance Regulatory and Development Authority (IRDA) Act.
In 2003, GIC Re's ownership over the subsidiaries was ceased and the holding was vested to the Government of India. The delinking of the four national subsidiaries of GIC as recommended by the Poddar Committee paved the way for the formation of GIC Re as the national reinsurer. GIC Re is wholly-owned by the Government of India. It has been catering to the reinsurance needs of the Indian insurance industry for the past three decades. It was incorporated on November 22, 1972 under the Companies Act, 1956 as a private limited company based at Mumbai and has an additional office in Delhi. It is the sole Indian reinsurer, competing globally for business on the basis of price, service and expertise. |
