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of <h1>Refunds to General Insurance Companies from Appeals Go to Government-Appointed Custodians per the 1971 Act.</h1> Refunds due to general insurance companies, resulting from appellate orders, should be directed to the custodians appointed by the government under the General Insurance (Emergency Provisions) Act, 1971. The central government has taken over the management of these companies, and custodians are responsible for managing their affairs, including legal and tax-related matters. Refunds should be received by the custodians on behalf of the insurers, not by the board of directors. This procedure differs from that applied in the case of nationalized banks, as outlined in Instruction No. 316. Officers should be informed of these instructions.
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