Section 18: Functions of Corporation.

The General Insurance Business (Nationalisation) Act, 1972Central Act · Act 57 of 1972

(1) The functions of the Corporation shall include--

(a) the carrying on of any part of the general insurance business, if it thinks it desirable to do so;

(b) aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business and in the matter of rendering efficient service to holders of policies of general insurance;

(c) advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses;

(d) advising the acquiring companies in the matter of the investment of their funds;

(e) issuing directions to acquiring companies in relation to the conduct of general insurance business:

[Provided that all the functions of the Corporation specified in this sub-section, on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, shall be performed by the Central Government.]

(2) In issuing any directions under sub-section (1), the [Central Government] shall keep in mind the desirability of encouraging competition amongst the acquiring companies as far as possible in order to render their services more efficient.

Where this provision sits

Act	The General Insurance Business (Nationalisation) Act, 1972
Section	18
Marginal note	Functions of Corporation.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act 40 of 2002. . Ins. by Act 40 of 2002, s. 4 (w.e.f. 21-3-2003).
substituted. . Subs. by s. 4, ibid., for "Corporation" (w.e.f. 21-3-2003).

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