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General insurance

the classes of insurance business set out in Part I of Schedule 1 to the Regulated Activities Order and consisting of various types of indemnity insurance, as distinct from long term insurance (including life insurance).
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See: “Insurance, General Insurance.”

General insurance business

Eighteen classes of insurance specified under FSMA (Regulated Activities) Order 2001, Schedule 1, Part I as being regulated activities. They are the classes of accident; sickness; land vehicles; railway rolling stock; aircraft; ships; goods in transit; fire and natural forces; damage to property; motor vehicle liability; aircraft liability; liability for ships; general liability (i.e. does not include liability relating to motor vehicle, aircraft or ships); credit; suretyship; miscellaneous financial loss; legal expenses; assistance. The classes are then grouped for accounting purposes. For example, accident and sickness classes combine to form group 1 (accident and health) and a liability (group 6) comprises liability relating to motor vehicles, aircraft, ships and general liability. See LONG-TERM BUSINESS.

General insurance contract

Term in FSMA (Regulated Activities) Order 2001, Schedule 1, Part I, describing 18 types of general business as opposed to long-term business listed as regulated activities under FSMA, Part IV permissions. Such general insurance business include accident, aircraft, motor, legal expenses, etc.

General Insurance Corporation of India (GIC) – Now GIC Re

General Insurance Corporation of India (GIC) came into existence w.e.f. 1 st January 1973 for the purpose of superintending, controlling and, if necessary, carrying on business of general Insurance. The Corporation is a holding Company having four subsidiary companies vlz., the National Insurance Co Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Co Ltd.On 19 th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force. This Act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India. Consequently, in November 2000, GIC was re-notified as the Indian Reinsurer and through administrative instruction, its supervisory role over the four subsidiaries was ended. With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force from March 21, 2003; GIC ceased to be a holding company of its subsidiaries. The ownership of the four erstwhile subsidiary companies and also of the General Insurance Corporation of India was vested with Government of India. GIC Re is a wholly owned company of Government of India. As a sole reinsurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market. GIC Re receives statutory cession of 5 % on each and every policy subject to certain limits. It leads many of domestic companies’ treaty programmes and facultative placements. GIC Re is also entrusted with the responsibility to manage and administer Pools for the Indian Market such as Indian Motor Third Party Declined Pol, Indian Terrorism Insurance Pool, Indian Marine Hull Insurance Pool, Natural Catastrophe Pool and Nuclear Risks Liability Pool etc. On 27.4.2016 Loss Prevention Association of India was amalgamated with GIC Re.

General Insurance Council of India

Council of all non-life insurers functioning in India. The insurance industry has transformed considerably since the establishment of Insurance Regulatory and Development Authority. The Industry is poised for radical evolution in times to come due to changes in the overall economic environment, its bearing on the financial sector and related need for risk management. The General Insurance Council recognizes its role in the changing business environment by articulating a sustainably profitable and growing non-life insurance industry in India, an industry trusted and recognised as contributing to society and the economy, an economic and public policy climate conducive to a flourishing industry. As body (GI Council) recognised as providing active leadership and an authoritative collective voice for the non-life insurance industry in India. To provide leadership on issues having a bearing on the industry’s collective strength and image and to shape and influence decisions made by the Government, regulator and other public authorities, within the country, in order to benefit the industry collectively.

General Insurance Standards Council (GISC)

Regulates the selling, advising and servicing of its members in relation to general insurance business conducted. It is an independent, non-statutory organisation, funded by its 6,500 members who include general insurers, intermediaries, agents and those acting for them. The main purpose of GISC is to ensure that general insurance customers are treated fairly. GISC’s role will be taken over by the FSA in 2005. (Visit www.gisc.co.uk).