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Project Report on Tata Aig Life Insurance

Project Report on Tata Aig Life Insurance

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Published by rohitmalik05

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Published by: rohitmalik05 on Oct 19, 2010
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INDUSTRY PROFILEInsurance in India
The insurance sector in India has come a full circle from being an open competitivemarket to nationalization and back to a liberalized market again. Tracing thedevelopments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
 A brief history of the Insurance sector 
The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are:
The Indian Life Assurance Companies Act enacted as the first statute toregulate the life insurance business.
The Indian Insurance Companies Act enacted to enable the government tocollect statistical information about both life and non-life insurance businesses.
Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.
245 Indian and foreign insurers and provident societies taken over by thecentral government and nationalized. LIC formed by an Act of Parliament, viz. LICAct,
, with a capital contribution of Rs. 5 crore from the Government of India.The General insurance business in India, on the other hand, can trace its roots to theTriton Insurance Company Ltd., the first general insurance company established inthe year 1850 in Calcutta by the British.Some of the important milestones in the general insurance business in India are:
The Indian Mercantile Insurance Ltd. set up, the first company to transactall classes of general insurance business.
General Insurance Council, a wing of the Insurance Association of India,frames a Code of conduct for ensuring fair conduct and sound business practices.
The Insurance Act amended to regulate investments and set minimumsolvency margins and the Tariff Advisory Committee set up.
The General Insurance Business (Nationalization) Act, 1972 nationalizedthe general insurance business in India with effect from 1st January 1973. 107insurers amalgamated and grouped into four companies’ viz. the National InsuranceCompany Ltd., the New India Assurance Company Ltd., the Oriental InsuranceCompany Ltd. and the United India Insurance Company Ltd. GIC incorporated as acompany.
The Insurance Regulatory and Development Authority
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill inParliament in December 1999. The IRDA since its incorporation as a statutory body inApril 2000 has fastidiously stuck to its schedule of framing regulations and registeringthe private sector insurance companies.The other decision taken simultaneously to provide the supporting systems to theinsurance sector and in particular the life insurance companies was the launch of theIRDA’s online service for issue and renewal of licenses to agents.The approval of institutions for imparting training to agents has also ensured that theinsurance companies would have a trained workforce of insurance agents in place to selltheir products, which are expected to be introduced by early next year.Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 generalinsurance companies have been registered.

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