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YEAR EVENTS
1972 - The Corporation came into existence in September by an Act of the
Parliament viz., General Insurance Business (Nationalisation) Act, 1972.
- The Corporatioin underwrites cattle and poultry insurance.
1974 - The company has 4 subsidiaries viz., The National Insurance Co., The New
India Assurance Co. Ltd., The Oriental Fire & General Insurance Co. Ltd., and
The United India Fire & General Insurance Co. Ltd.
1975 - 3,15,460 No. of Equity and 3,20,766 pref. shares allotted against the 3rd and final
instalment of Rs 6,36,22,641 received from Govt. for disbursement to the shareholders
of Indian Insurance Companies for acquisition of their Undertakings. In addition, 1 pref.
share issued to Govt. All pref. shares redeemable during 1.1.1976/84.
1976 - Redeemed 2,05,307 pref. shares during 1976 and 3,00,000 pref. shares during 1977.
1978 - 3,00,000 pref. shares redeemed.
1979 - 3,50,000 pref. shares redeemed.
1980 - 3,75,000 pref. shares redeemed.
1981- 3,75,000 pref. shares redeemed on 30th July.
1982 - Authorised capital reclassified. Two calls of Rs 20 each per share were made
on 5,00,000 partly paid equity shares. Bonus equity shares in prop. 1:1 were then
issued.
1986 - 21,50,000 bonus shares issued in proportion 1:2.
1988 - The Corporation devised a new savings linked long term householders
insurance policy to provide insurance protection for all the household needs
in one package.
- Another policy introduced was a Personal Accident Insurance Policy for visitors
in bank premises.
- A Professional Indemnity-cum-Errors and Omission Liability Policy was introduced
for Indian computer software programmers and developers.
1989 - The Corporation introduced a Marine-Cum-Rejection Insurance Cover with
reinsurance support on export of marine product at economical rates of premise with
effect from 1st April.
1990 - The Corporation introduced a new scheme called Bhavishya Arogya
with effect from 1st December.
- From 1st January, the Corporation introduced a scheme of Voluntary deductibles
for petrochemicals risks enabling the insurers to opt for various slabs of deductibles
for which appropriate discount in premium is given.
- The Corporation introduced a revised horticulture/plantation insurance scheme on
an experimental basis from 1st April.
- The Corporation 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.
- GIC Grih Vitta, Ltd. was set up with a view to provide long term finance by way of loans for
construction/purchase of house, flats for residential purposes to individuals with effect
from October.
- GIC-Apna-Ghar Yojana proposes to launch new schemes, viz., Housing repair scheme,
bridge loan scheme, Telescopic plan for youngsters and builder's finance scheme.
- The Corporation along with its Indian subsidiary companies launched a Mutual Fund
in the second half of the year.
1991 - With effect from 1st April, the Corporation introduced Aquaculture Insurance.
- GIC-SAFE-1991 and GIC RISE-1991 were launched on 6th February.
- Swift Division was established in April to centralise the foreign inward non-reciprocal
acceptance of Indian General Insurance Industry.
- A tailor made insurance programme for large industrial clients to enable them to
cover their various insurance requirements under a single policy documents,
was finalised by GIC.
- It was proposed to introduce a new mediclaim hospitalisation policy.
- 43,00,000 bonus shares issued in proportion 3:2.
1993 - 107,50,000 bonus shares issued in proportion 1:1.
1994 - Overseas Mediclaim Insurance, the Corporate frequent travellers policy were
revised effective 1st July.
1996 - The Corporation introduced a Jan Arogya Bima Policy on 12th August
for common people.
2000 - The Insurance Regulatory and Development Authority in a move to
exert its regulatory power has served notices to four subsidiaries of
General Insurance Corporation for "breach of tariff charges" to
consumers.
2001-
GIC Mutual Fund is lining up organisational changes, beginning with the appointment of a new chief executive. The appointment of Mr Thomas, who was Senior Vice-President at GIC MF, is the latest in a series of top-level changes at the fund.
2018
-The Company has issued Bonus Shares in the Ratio of 1:1.
2020
- GIC Re gets license from Bank of Russia for reinsurance biz.
2021
-GICRE receives reaffirmation in credit ratings.
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