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3. Definitions.-

In this Act, unless the context otherwise requires,-

(a) "acquiring company" means any Indian insurance company and, where a scheme has been framed involving the merger of one Indian insurance company in another or the amalgamation of two or more such companies, means the Indian insurance company in which any other company has been merged or the company which has been formed as a result of the amalgamation;

(b) "appointed day" means such day not being a day later than the 2nd day of January, 1973, as the Central Government may, by notification, appoint;

(c) "Companies Act" means the Companies Act, 1956 (1 of 1956);

(d) "Corporation" means the General Insurance Corporation of India formed under section 9;

(e) "existing insurer" means every insurer the management of whose undertaking has vested in the Central Government under section 3 of the General Insurance (Emergency Provisions) Act, 1971 (17 of 1971), and includes the undertaking of the Life Insurance Corporation in so far as it relates to the general insurance business carried on by it;

(f) "foreign insurer" means an existing insurer incorporated under the law of any country outside India;

(g) "general insurance business" means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them, but does not include capital redemption business and annuity certain business;

(h) "Government company" means a Government company as defined in section 617 of the Companies Act;

(i) "Indian insurance company" means an existing insurer having a share capital who is a company within the meaning of the Companies Act;

(j) "Insurance Act" means the Insurance Act, 1938 (4 of 1938);

(k) "Life Insurance Corporation" means the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956);

(l) "notification" means a notification published in the Official Gazette;

(m) "prescribed" means prescribed by rules made under this Act;

(n) "Schedule" means the Schedule to this Act;

(o) "scheme" means the scheme framed under section 16 1[and also includes a scheme framed under section 17A];

(p) words and expressions used in this Act but not defined herein and defined in the Insurance Act, shall have the meanings respectively assigned to them in that Act;

(q) words and expressions used in this Act but not defined herein or in the Insurance Act and defined in the Companies Act, shall have the meanings respectively assigned to them in the Companies Act.

General Insurance Business (Nationalisation) Act, 1972 Back

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