General Insurance Corporation India In India the General Insurance Business (Nationalisation) Act of 1972 (GIBNA) has nationalised

the entire general insurance business and there has been a rise in the business. Due to the merger of the general insurance company four subsidiaries were formed under the General Insurance Corporation namely United India Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and New India Assurance. After the implementation of the Insurance Regulatory and Development Authority) Act the four companies were declared independent and became a turning point for the General Insurance Company. In 2002 the GIC ceased the holdings of its subsidiary company. Business Operation: Domestic Reinsurance Business: In India the General Insurance Corporation provide reinsurance to the direct insurance company as it is the sole reinsurer in the market of domestic reinsurance. A 20% statutory cession is received by the GIC subject to certain limits of the policy. International Reinsurance: The General Insurance Corporation has expanded its business internationally providing effective reinsurance services that has earned a good reputation as well as a number of clientele in the global market especially in countries of SAARC which includes countries like Kenya, Maldives, Mauritius, Africa, Middle East and Sri Lanka. In Moscow and London there are representative offices of the GIC. Fund and investment management: Within the corporate policy of the General Insurance Corporation investments are made. The General Insurance Corporation of India manages the funds undertaken in the house.

Services of GIC Marine Insurance. Fire Insurance. Crop Insurance. House Insurance. Vehicle Insurance. Any other Insurance except life insurance.

Investment Pattern 25% of the fresh accrual of funds to be invested in Central Govt Securities. 10% of of the fresh accrual of funds to be invested in State govt Securities, bonds & debentures of public sector corporations % semi Govt Bodies.

35% as loan to State Govts for housing & bonds & debentures of Housing & Urban Corp. 30% in debentures, equity shares, preference shares & term loan.