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The various business activities of the General Insurance Companies in India can be detailed under the following heads :
The General Insurance Company (GIC) is the only provider of reinsurance in India. It offers reinsurance to the major insurance companies in India. On every policy that is issued the General Insurance Company (GIC) receives a 20% statutory cession. The treaty and facilitative programs of many companies are led by the General Insurance Corporation of India (GIC).
The general insurance company of India (GIC) has begun to spread its tentacles the world over. They have started to offer reinsurance solutions to the SAARC countries, South East Asia, Middle East and Africa.
The investments that are made through the General Insurance Corporation of India (GIC) abide by the Insurance Act and the IRDA Act.