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13. The entire general business in India was nationalized by the General Insurance Government of India, through nationalization, took over the shares of 55 Indian Insurance Companies and the Undertakings of 52 Insurance carrying on general insurance business. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of the Act of 1972, and was incorporated on 22nd November 1972 under the companies Act, 1956, as a Private Limited Company. The GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as the GIC was formed, the Government of India transferred all the shares it held of the general insurance companies to the GIC. Simultaneously, the nationalized undertakings were transferred to the Indian insurance companies. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of the GIC (1) National Insurance Company Limited, (2) The New India Assurance Company Limited (3) Te Oriental Insurance Company Limited, and (4) United India Insurance Company Limited. The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force. This Act also introduced amendments to Act of 1972, the exclusive privilege of the GIC and its subsidiaries carrying on general insurance in India was removed. By Section 10A inserted in the Act of 1972, by General Insurance Business (Nationalization) Amendment Act, 2002 all the shares in the capital of these Government Insurance Companies that vested in the GIC before the commencement of the said Amendment Act stood transferred to the Central Government on such date. Thus the ownership of these companies was vested in the Government of India. The GIC was notified as the "Indian Re-Insurer" in November 2000 and through administrative instructions, its supervisory role over subsidiaries was ended. (source : Website of General Insurance Corporation of India - Http:/www.glcofindia.org/about - us html).