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General Insurance |
| General Insurance provides protection against unexpected events such as accidents, illness, burglary, fire, etc. General Insurance also provides Marine insurance and Miscellaneous insurance which includes insurance against burglary or theft, fidelity guarantee, insurance for employer's liability, and insurance of motor vehicles, livestock and crops etc. General Insurance provides protection against contingencies but does not offer any returns like Life Insurance. General Insurance covers all things which has got a financial value and has a chance of loss or damage and may include any property (both movable and immovable), household goods, health, vehicle, cash, dishonesty and also someone's liability towards others. Motor Insurance and Public Liability Insurance have been made mandatory in India. Home Insurance, Health Insurance, Motor Insurance and Travel Insurance are some of the major insurance policies that are covered under General Insurance. Certain regulatory measures have been taken under the Insurance Regulatory and Development Authority (General Insurance - Reinsurance) Regulations, 2000 in exercise of the powers conferred by the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999, consultation between IRDA and the Insurance Advisory Committee. The General Insurance Business (Nationalization) Act, 1972 has nationalized the entire general insurance business in India. This Act has established the General Insurance Corporation of India. General Insurance Corporation of India functions according to the regulations of the Companies Act, 1956, The Insurance Act, 1938, The General Insurance Business (Nationalization) Act, 1972, The General Insurance Business (Nationalization) Amendment Act, 2002 and Insurance Regulatory and Development Authority Act, 1999.
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