The Act applies to the General Insurance Corporation of India and the four Subsidiary companies subject to exceptions, restrictions and limitation as specified by the Central Government under powers conferred by Section 35 of the General Insurance Business (Nationalization) Act. The important provisions of the Act relate, among other things, to registrations, accounts and returns investments, limitations in expenses of Management, prohibition of rebates, powers of investigation, licensing of Agents, licensing of surveyors, advance payment of premium and Traffic Advisory Committee.