GIC Full Form in Insurance

What is the Full Form of GIC in Insurance?

The GIC Full Form in Insurance is General Insurance Corporation of India. To put it in the simplest words possible, to say, it is more of a great helper to all the insurance companies across India. This very entity, being there, ensures and provides that added cover for the other insurance companies of the country, at the same time, not only safeguarding them but the Indian populace too.

GIC Summary:

The General Insurance Corporation of India, briefly known as GIC, is one great name when one talks of insurance in India. It started on 22nd November 1972, meaning it has been in existence for quite a long time. It was formed just after the government issued a notice that all the general insurance businesses should function under one flag. GIC manages and takes care of all or part of the insurance businesses in India.

Changes and Growth:

What is very different is that in the year 2000, a new law came into play called the Insurance Regulatory and Development Authority Act. This new rule said that GIC and other subsidiary companies would have to play by new rules. Before this, GIC was the only one allowed to do certain insurance jobs in India, but now others could join in too. Then, in November 2000, GIC played a new role as the main reinsurer. It means GIC was made the go-to for insurance companies when needing a backup. Also, in 2003, GIC stopped being the boss of its four smaller companies because of another change in the rules.