Summary |
Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. While the committee submitted its report in 199-1, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000.
The same year that the newly appointed insurance regulator- Insurance Regulatory and Development Authority IRDA- started issuing licenses to private life insurers. Privatization of insurance sector has allowed insurance companies to work in the market by depositing 100 crore rupees in the reserve of government
Contents
• An Overview
• Real Facts of Life Insurance
• Future Prospects of Insurance
• Theory of Insurance
• Present Status of Insurance
• Annual Reports of Life and GIC
• Insurance Concepts in General life
|
