<P> GIC and its subsidiaries had a monopoly on the general insurance business in India until the landmark Insurance Regulatory and Development Authority Act (IRDA Act) of 1999 came into effect on 19 April 2000 . This act also amended the GIBNA Act and Insurance Act of 1938 . The act along with the amendments ended the monopoly of GIC and its subsidiaries and liberalized the insurance business in India . </P> <P> In November 2000, GIC was notified as India's Re insurer, but its supervisory role over its subsidiaries was ended . This was followed by the General Insurance Business (Nationalization) Amendment Act of 2002 . Coming into effect from 21 March 2003, this amendment ended GIC's role as a holding company of its subsidiaries . The ownership of the subsidiaries was transferred to the Government of India . </P> <P> As a result of these reforms, GIC became the sole Re-Insurer in India, and is now called GIC Re . Indian insurance companies are required by law to cede 5% of every policy value to GIC Re w.e.f. 1 April 2013, subject to some limitations and exceptions . GIC Re has diversified its operations and is now emerging as an important Re-Insurer in SAARC countries, Southeast Asia, Middle East and Africa, Europe and America . As an Indian Reinsurer with global footprint GIC Re has expanded its international operations through branches in London, Moscow, Dubai and Kuala Lumpur and is further planning to establish offices in key regions . </P> <P> As of 2012 GIC Re ranked 14th largest Re insurer and 4th largest Aviation Re insurer in the world (S&P Ratings). GIC Re has a rating of A - (Excellent) from A.M. Best for its financial strength . As of 2014 GIC Re has been assigned National Scale' AAA' Reliability Rating And Global Scale' iA -' Credit Rating by Russian National Rating Agency (NRA). </P>

Functions of general insurance corporation of india (gic)
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