The General Insurance (GI) Council is a part of the Insurance Association of India. It regulates the growth of the general insurance industry and maintains high quality customer service. The GI council has also strengthened its ties with several international insurance associations.
In 1957, the General Insurance Council was established under the Indian Insurance Act 1938. It designed a code of conduct to ensure fair business practices. The Insurance Act was modified in 1968 to monitor the flow of major investments and reduce solvency margins. After the General Insurance Business Act was passed in 1972, the constitutional body underwent nationalization. About 107 insurance providers merged and divided into four companies, New India Assurance Company Ltd, National Insurance Company Ltd., United India Insurance Company Ltd, and Oriental Insurance Company Ltd. As a nationalized body, the GI Council actively started business on 1st January, 1973.
Role of General Insurance Council
The insurance domain is growing at the rate of 15-20% annually. As a matter of fact, it nearly contributes 7% to the GDP of India. The Insurance Regulatory and Development Authority have played a vital role in the insurance sector. Since four decades, the GI Council has rendered immaculate services to every individual in the country. The statutory body aims to:
- Expand the general insurance sector
- Facilitate economic development
- Provide long-term funds for growth
- Represent the general insurance industry as an authoritative collective voice
- Resolve social issues such as insurance fraud and theft
General Insurance Council Contact Details
The registered office of GI council is located at Mumbai, Maharashtra.
5th Floor, Royal Insurance Building,
14, Jamshedji TATA Road,
Churchgate – Mumbai 400020,
Tel: +91 22 2281 7511 / 12
Fax: +91 22 2281 7515