what is Insurance?
µInsurance¶ is basically a sharing device. The losses toassets resulting from natural calamities like fire, flood,earthquake; accidents, etc. are mate out of thecommon pool contributed by large number of personwho is exposed to similar risks.
Milestone of Indian life insurance industry:-
The Indian Life Assurance Companies Act enacted as thefirst statute to regulate the life insurance business.
The Indian Insurance Companies Act enacted to enable thegovernment to collect statistical information about both life andnon-life insurance businesses.
Earlier legislation consolidated and amended to by theInsurance Act with the objective of protecting the interests of the insuring public.