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    The insurance sector in India is one of the booming sectors, growing at 15-20% annually. It is governed by key acts establishing regulation. The sector originated in 1818 and has since grown to include nationalization of some segments in 1956 and 1972, with liberalization increasing competition in recent decades. The top insurance companies in India now include both private and nationalized entities.

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    The insurance sector in India is one of the booming sectors, growing at 15-20% annually. It is governed by key acts establishing regulation. The sector originated in 1818 and has since grown to include nationalization of some segments in 1956 and 1972, with liberalization increasing competition in recent decades. The top insurance companies in India now include both private and nationalized entities.

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    47 views8 pages

    Insurance Sector

    Uploaded by

    m_dattaias
    The insurance sector in India is one of the booming sectors, growing at 15-20% annually. It is governed by key acts establishing regulation. The sector originated in 1818 and has since grown to include nationalization of some segments in 1956 and 1972, with liberalization increasing competition in recent decades. The top insurance companies in India now include both private and nationalized entities.

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    INSURANCE SECTOR IN INDIA

    INTRODUCTION
    • One of the booming sectors and is growing at
    the rate of 15-20% per annum.
    Insurance industry in India is governed by
    • Insurance Act, 1938
    • The Life Insurance Corporation Act, 1956
    • General Insurance Business (Nationalisation) Act,
    1972,
    • Insurance Regulatory and Development Authority
    (IRDA) Act, 1999
    ORIGIN
    • Established in the year 1818 as Oriental Life
    Insurance company in Calcutta.
    • Conceived as a means to provide for English
    Widows.
    • Higher premium charged for Indian lives.
    • In 1870 , The Bombay Mutual Life Insurance
    Society was formed , charged same premium
    for both Indian and non –Indian lives.
    • In 1912, insurance regulation formally began
    with the passing of Life Insurance Companies
    Act and the Provident Fund Act.

    • In 1938, the first comprehensive legislation


    regarding insurance was introduced with the
    passing of Insurance Act of 1938
    • In 1956, life insurance corporation was formed by an
    Act of parliament.
    • Capital contribution of rs 5 cr.
    • The insurance business/general insurance remained
    with the private sector till 1972.
    • There were 107 private companies involved in the
    business of general operations.
    • The General Insurance Business (Nationalisation) Act,
    1972 nationalised the general insurance business in
    India with effect from January 1, 1973.
    • The 107 private insurance companies were
    amalgamated and grouped into four
    companies:
    • National Insurance Company,
    • New India Assurance Company,
    • Oriental Insurance Company
    • United India Insurance Company
    MALHOTRA COMMITTEE
    KEY RECOMMENDATIONS

    • COMPETITION
    • REGULATORY BODY
    • INVESTMENTS
    • STRUCTURE
    TOP INSURANCE CO’S OF INDIA
    • Bajaj Allianz Life Insurance
    • Tata AIG Life
    •  Birla sun life Insurance
    • SBI life
    • Max New York Life
    • Kotak life Insurance
    • HDFC Standard Life:
    • ICICI Prudential:

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