Section 5: Transfer of undertakings of other existing insurers.

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

(1) On the appointed day, the undertaking of every existing insurer who is not an Indian insurance company shall stand transferred to and vested in the Central Government and the Central Government shall immediately thereafter provide, by notification, for the transfer to and vesting in such Indian insurance company, as it may specify in the notification, of that undertaking.

(2) Any notification made under sub-section (1) may provide that any of the undertakings aforesaid may be transferred to and vested in more than one Indian insurance company in such manner and subject to such conditions as may be specified in the notification.

Where this provision sits

Act	The General Insurance Business (Nationalisation) Act, 1972
Section	5
Marginal note	Transfer of undertakings of other existing insurers.
Jurisdiction	Central
Status	In force as published by the source

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