OBJECTIVE & FUNCTION OF GENERAL INSURANCE CORPORATION OF INDIA (GIC)

OBJECTIVE & FUNCTION OF GENERAL INSURANCE CORPORATION OF INDIA (GIC)

General Insurance Corporation of India (GIC)

Established: 22 November 1972
Headquarters: Mumbai
Chairman: click here
Role: Insurance, GIC India
Owner: Government of India
Website: www.gicofindia.com
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Read | Objective and Function of – WTO | EXIM Bank | IMF | World Bank | SEBI | ECGC | LIC | SIDBI 

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What is the meaning of GIC?

GIC meaning: Its full form is General Insurance Corporation of India. The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC).

The objective of the General Insurance Corporation of India(GIC):

objectives of general insurance:

  1. To carry on the general insurance business other than life, such as accident, fire etc.
  2. Now, To aid and achieve the subsidiaries to conduct the insurance business.
  3. To help the conduct of investment strategies of the subsidiaries in an efficient and productive manner.
  4. A company counted upon by our clients to provide IT solutions solving business challenges, on time and budget utilizing the latest technology.
  5. The company who takes pride in the empowerment of its employees.
  6. A company who are able to design, deploy and manage projects from the business challenges to an operational production system.
  7. The company who collaborate with customer’s and technology partner’s in its drive to provide solutions.
  8. A company who focuses on the continuous development of new solutions or new markets, services, or product offerings, or the individual growth and development of its employees and their ideas.

The function of the General Insurance Corporation of India (GIC):

  1. Carrying on of any part of the general insurance, if it thinks it is desirable to do so.
  2. Aiding, assisting and advising the acquiring companies in the matter of setting up standards of conduct and sound practice in a general insurance business.
  3. Rendering efficient services to policyholders of general insurance.
  4. Advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses.
  5. Advising the acquiring companies in the matter of investing their fund.
  6. Issuing directives to the acquiring companies in relation to the conduct of general insurance business.
  7. Issuing directions and encouraging competition among the acquiring companies in order to render their services more efficiently.

General insurance act 1972: general insurance corporation of India

The General Insurance Act 1972 was passed in 1972 to establish a general insurance business in India. 107 insurance companies were nationalized under the general insurance act 1972, who gave special privileges to four subsidiaries for general insurance business transactions.

The subsidiary of General Insurance Corporation of India (GIC):

  1. National Insurance Company Limited
  2. New India Assurance Company Limited
  3. Oriental Insurance Company Limited
  4. United India Insurance Company.

 

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