Insurance Ppt New2

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Insurance Ppt New2

  1. 1. Insurance - Contents <ul><li>Growth Of Insurance In India in recent past </li></ul><ul><li>Acts governing Insurance </li></ul><ul><li>WTO and Insurance </li></ul><ul><li>The Road Ahead </li></ul>
  2. 2. <ul><li>Growth Of Insurance In India in recent past </li></ul>
  3. 3. INSURANCE
  4. 4. India has come a long way in the last six years
  5. 5. Factors influencing growth <ul><li>Exploring new markets </li></ul><ul><li>Innovative product line </li></ul><ul><li>Improved customer service </li></ul><ul><li>Improved distribution channel </li></ul><ul><li>Change in legislation </li></ul>
  6. 6. <ul><li>Growth Of Insurance In India in recent past </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>Acts governing Insurance </li></ul>
  7. 7. <ul><li>No regulation till 1866 </li></ul><ul><li>Indian Companies Act (1866). </li></ul><ul><li>the Indian Life Assurance Companies Act (1912) </li></ul><ul><li>the Provident Insurance Societies Act (1912) </li></ul><ul><li>Indian Insurance Companies Act (1928) </li></ul>Acts governing insurance
  8. 8. <ul><li>first comprehensive legislation </li></ul><ul><li>Covered both life & non life </li></ul><ul><li>Regulated </li></ul><ul><ul><li>Investment pattern </li></ul></ul><ul><ul><li>Commission of agents </li></ul></ul><ul><ul><li>Directors appointed </li></ul></ul><ul><ul><li>supervision of insurance companies etc. </li></ul></ul>The Birth of the Insurance Act, 1938
  9. 9. <ul><li>Setting up of Tariff committee in 1950 </li></ul><ul><li>Life insurance was nationalized in 1956 – formation of LIC </li></ul><ul><li>general insurance in 1972 – GIC </li></ul><ul><li>Setting up of Malhotra Committee in 1993 </li></ul><ul><li>Setting up of (interim) Insurance Regulatory Authority (IRA) in 1996. </li></ul>Major events till 1999
  10. 10. Cabinet clears Insurance Regulatory & Development Authority Bill
  11. 11. <ul><li>previous Acts proved to be obstacles in growth </li></ul><ul><li>Rising cost </li></ul><ul><li>Subsidiaries of GIC acted as cartel </li></ul><ul><li>the goal of “efficient customer service” remained elusive </li></ul>Reasons for IRDA act
  12. 12. <ul><li>Creation of IRDA </li></ul><ul><li>private sector should be allowed to enter insurance </li></ul><ul><li>foreign players allowed </li></ul>Major changes
  13. 13. <ul><li>Regulated appointment of actuaries </li></ul><ul><li>requirements for an agent </li></ul><ul><li>solvency margin requirements </li></ul><ul><li>Registration of Indian Insurance Companies </li></ul><ul><li>Obligations of Insurers to Rural Social Sectors </li></ul>Regulations - IRDA act
  14. 14. <ul><li>Capital of LIC raised </li></ul><ul><li>Capital of GIC to be increased </li></ul><ul><li>Minimum paid up capital requirements </li></ul><ul><li>Promoters holding </li></ul><ul><li>Security deposit </li></ul><ul><li>Failure to fulfill social obligations would attract a fine </li></ul>Regulations - IRDA act (contd..)
  15. 16. <ul><li>Growth Of Insurance In India in recent past </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>Acts governing Insurance </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>WTO and Insurance </li></ul>
  16. 17. <ul><li>FDI limit </li></ul><ul><li>Domestic regulation </li></ul><ul><li>Auxiliary services </li></ul><ul><li>Choice of commercial presence </li></ul><ul><li>Request to developed countries </li></ul>Negotiations under WTO
  17. 18. <ul><li>Growth Of Insurance In India in recent past </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>Acts governing Insurance </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>WTO and Insurance </li></ul><ul><li>--------------------------------------- </li></ul><ul><li>The Road Ahead </li></ul>

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