Insurance

INTRODUCTION TO THE INDUSTRY THE HISTORY OF INDIAN INSURANCE INDUSTRY sustenance Insurance In 1818 the British established the first insurance policy company in India in Calcutta, the Oriental smell Insurance Company. First attempts at statute of the industriousness were made with the introduction of the Indian Life self-assurance Companies process in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the presidential term to collect statistical information about the insured and the high up level of hold dearion the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The bare requirements included a statutory requirement of a plastered level of equity capital, a ceiling on conduct holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 outside feeling insurance companies. Business was heavily concentrated in urban areas and tar rendered the higher echelons of society.

Unethical practices adopted by nearly of the players against the interests of the consumers then led the Indian regime to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth and reach. Some of the important milestones in the action insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and... If you want to get a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.