General Insurance Business (Nationalisation) Act,1972

Act No : 57

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Section : Functions of Corporation.

18. Functions of Corporation. (1) The functions of the Corporation shall include-- (a) the carrying on of any part of the general insurance business, if it thinks it desirable to do so: (b) aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business and in the matter of rendering efficient service to holders of policies of general insurance; (c) advising the acquiring companies in the matter of controlling their expenses including the payment of commission and other expenses; (d) advising the acquiring companies in the matter of the investment of their funds: (e) issuing directions to acquiring companies in relation to the conduct of general insurance business. (2) In issuing any directions under sub-section (1), the Corporation shall keep in mind the desirability of encouraging competition amongst the acquiring companies as far as possible in order to render their services more efficient.

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