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  • The Oldest Existing Insurance Company in India Is The, Which Was Founded In, and Is Still in Business

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    The oldest existing insurance company in India is the National Insurance Company founded in 1906. In 1956, the Indian government nationalized the life insurance sector and formed the Life Insurance Corporation, which absorbed 245 Indian and foreign insurers. In 1972, the Indian Parliament passed a law nationalizing general insurance, which took effect on January 1, 1973.

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    Insurance

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    The oldest existing insurance company in India is the National Insurance Company founded in 1906. In 1956, the Indian government nationalized the life insurance sector and formed the Life Insurance Corporation, which absorbed 245 Indian and foreign insurers. In 1972, the Indian Parliament passed a law nationalizing general insurance, which took effect on January 1, 1973.

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    13 views1 page

    The Oldest Existing Insurance Company in India Is The, Which Was Founded In, and Is Still in Business

    Uploaded by

    AkankshaSingh
    The oldest existing insurance company in India is the National Insurance Company founded in 1906. In 1956, the Indian government nationalized the life insurance sector and formed the Life Insurance Corporation, which absorbed 245 Indian and foreign insurers. In 1972, the Indian Parliament passed a law nationalizing general insurance, which took effect on January 1, 1973.

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    © All Rights Reserved
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    The oldest existing insurance company in India is the National Insurance Company , which

    was founded in 1906, and is still in business.


    The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance
    sector and Life Insurance Corporation came into existence in the same year. The Life Insurance
    Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245
    Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act
    was passed by the Indian Parliament, and consequently, General Insurance business was
    nationalized with effect from 1 January 1973.

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