The entire insurance business in India was nationalized in 1972 under the General Insurance Business (Nationalization) Act. In 1972 the government of India created the GIC, a national insurer, to supervise, control and provide general insurance business. Between 1985 and 2002 the CCIS and then the NAIS was insured by the GIC. In 2000 GIC was restructured as a national reinsurance company providing direct reinsurance to the general insurance companies in the Indian market, and in 2001 the insurance sector was opened up to private insurance companies.