GIC was renotified as the Indian Reinsurer in November 2000 and its supervisory role over subsidiaries was ended through administrative action. With the General Insurance Business (Nationalization) Amendment Act 2002 (40 of 2002) from March 21, 2002, GIC ceased to be a holding company of its subsidiaries. The functioning of GIC has to be within the regulations of The Companies Act,1956, Insurance Act, 1938, GIBNA,1972, General Insurance Business (Nationalization) Amendment Act, 2002 and IRDA Act, 1999. The GIC is 100% owned by the Government of India and no plans for privatization are under consideration.
To be amongst the top 20 reinsurers in the world by offering contemporary range of products and services at competitive prices. Provide reinsurance solutions for Indian insurers and emerging markets. To emerge as a dependable and professional reinsurer and also create new markets/expand business avenues and provide adequate capacity, automatic and optional. To acquire and maintain quality assets, ensure safety and security of capital and diversification of portfolio, maintain liquidity commensurate with business requirements, adhere to all regulatory provisions and achieve risk-return trade-off in various investments.
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