GICRE

It came into existence in September by an Act of the Parliament viz., General Insurance Business (Nationalization) Act, 1972. Also, the corporation underwrites cattle and poultry insurance. In 1974, it had 4 subsidiaries such as The National Insurance Co., The New India Assurance Co. Ltd., The Oriental Fire & General Insurance Co. Ltd., and also The United India Fire & General Insurance Co. Ltd.

Some of the Milestones:

1976: Also, it redeemed 2, 05,307 pref. Shares during 1976 and 3, 00,000 pref. Shares in 1977.
1978: 3, 00,000 pref. shares were redeemed.
1979: 3, 50,000 pref. shares were redeemed.
1980: 3, 75,000 pref. shares were redeemed.
1981: 3, 75,000 pref. shares were redeemed as on 30th July.
1982: The authorized capital reclassified. And the two calls of INR 20 each per share was made on 5, 00,000 partly paid equity shares. Bonus equity shares in prop. 1:1 were being issued.
1986: 21, 50,000 bonus shares were issued in proportion 1:2.
1988:
It devised a new saving linked long term householder’s insurance policy to offer insurance protection for all the household needs in one package.
Also, another policy introduced was a Personal Accident Insurance Policy for visitors on bank premises.
1989: It introduced a Marine-Cum-Rejection Insurance Cover with reinsurance support on the export of marine products at an economical rate of the premise from 1st April.
1990:
It introduced a new scheme known as Bhavishya Arogya with effect from 1st December.
Since 1st January, it also introduced a scheme of Voluntary deductibles for petrochemical risks enabling the insurers to opt for many slabs of deductibles for which appropriate discount in premium is being given.
It introduced a revised horticulture/plantation insurance scheme on an experimental basis since 1st April.
It introduced the following policies a) Contract Works Insurance Policy, b) Civil Engineering Completed Risk Insurance Policy, c) Marine-cum-erection Insurance Policy, and d) Machinery Insurance Policy.
Also, GIC Grih Vitta, Ltd. was being set up to provide long term finance by way of loans for construction/purchase of a house, and flats for residential purposes to individuals from October.
Also, the corporation, along with its Indian subsidiary companies introduced a Mutual Fund in the second half of the year.
1991:
Since 1st April, the corporation introduced Aquaculture Insurance.
GIC-SAFE-1991, as well as GIC RISE-1991, was being launched as on 6th February.
Also, the Swift Division was established in April to centralize the foreign inward non-reciprocal acceptance of the Indian General Insurance Industry.
Also, a tailor-made insurance program for large industrial clients enabled them to cover their many insurance needs under a single policy document, was finalized by GIC.
Also, it proposed to introduce a new mediclaim hospitalization policy.
And, 43, 00,000 bonus shares were issued in proportion 3:2.
1993: About 107, 50,000 bonus shares were issued in proportion 1:1.
1994: The overseas Mediclaim Insurance, the corporate frequent traveler's policy was revised from 1st July.
1996: It introduced a Jan Arogya Bima Policy as on 12th August for common people.
2000: Also, the Insurance Regulatory and Development Authority in a move to exert its regulatory power also served notices to four subsidiaries of General Insurance Corporation for the "breach of tariff charges" to consumers.
2001: Also, GIC Mutual Fund lined up organizational changes, beginning with the appointment of a new chief executive. Also, the appointment of Mr. Thomas, who was Senior Vice-President at GIC MF, was the latest in a series of top-level changes at the fund.

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