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.

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.

Insurance for business owners that covers against liability caused by various perils. Coverage usually includes bodily injury incurred on the insured’s property, or losses due to a product sold by the insured.

Insurance designed to protect business owners and operations from a wide variety of liability exposures. Exposures could include liability arising from accidents resulting from the insured’s premises or operations, products sold by the insured, operations competed by the insured, and contractual liability.

A written instrument representing an obligation secured by a mortgage but preceded by senior issues.