History Matters

1. 2/16/2010 CREATED BY NISHA KARKERA

3. The first Indian insurance company was 'Bombay Mutual Assurance Society Ltd.' formed in 1870.

4. As the ‘Swadeshi' movement was catching up many more Indian companies were formed.

5. The insurance companies were nationalized in 1956.

6. There were 170 insurance companies and 75 provident fund securities which got merged and on 1st of Sept 1956 Life Insurance Corporation of India was born.2/16/2010 CREATED BY NISHA KARKERA

8. The Insurance Regulatory & Development Authority (IRDA) thus came in being & is now regulates all insurance business in India.

9. Currently there are 23 players in India2/16/2010 CREATED BY NISHA KARKERA

10. Regulators Insurance Regulatory & Development Authority The laws which regulate the business, Insurance Act 1938 The Insurance Regulatory & Development Authority Act 1999 Life Insurance Corporation Act 1956 General Business (Nationalization) Act 1972 The limit of the Foreign Direct Investment (FDI) in a life insurance joint venture is maximum 26%. 2/16/2010 CREATED BY NISHA KARKERA

11. 2/16/2010 CREATED BY NISHA KARKERA

12. Only 28 out of 100 are insured Industry growing at 110 % p.a Existingpenetration ratios are very low An Average Indian Saves 10 to 15 % of his earnings 2/16/2010 CREATED BY NISHA KARKERA

13. Congratulations 2/16/2010 CREATED BY NISHA KARKERA