Section 8(2) in The General Insurance Business (Nationalisation) Act, 1972
(2)Where all the employees of the Life Insurance Corporation or any other existing insurer do not become employees of an Indian insurance company, the moneys and other assets belonging to any such fund as is referred to in sub-section (1), shall be apportioned between the trustees of the fund and the Indian insurance company in the prescribed manner; and in case of any dispute about such apportionment the decision of the Central Government thereon shall be final.
