insurance

1. Insurance - ContentsInsurance - Contents
 Growth Of Insurance In India inGrowth Of Insurance In India in
recent pastrecent past
 Acts governing InsuranceActs governing Insurance
 WTO and InsuranceWTO and Insurance
 The Road AheadThe Road Ahead

2. • Growth Of Insurance InGrowth Of Insurance In
India in recent pastIndia in recent past

3. INSURANCEINSURANCE

4. Factors influencingFactors influencing
growthgrowth
Exploring new marketsExploring new markets
Innovative product lineInnovative product line
Improved customer serviceImproved customer service
Improved distribution channelImproved distribution channel
Change in legislationChange in legislation

5.  No regulation till 1866No regulation till 1866
 Indian Companies Act (1866).Indian Companies Act (1866).
 the Indian Life Assurancethe Indian Life Assurance
Companies ActCompanies Act (1912)(1912)
 the Provident Insurance Societiesthe Provident Insurance Societies
ActAct (1912)(1912)
 Indian Insurance CompaniesIndian Insurance Companies
ActAct(1928)(1928)

6.  first comprehensivefirst comprehensive legislationlegislation
 Covered both life & non lifeCovered both life & non life
 RegulatedRegulated
– Investment patternInvestment pattern
– Commission of agentsCommission of agents
– Directors appointedDirectors appointed
– supervision of insurance companiessupervision of insurance companies
etc.etc.

7.  Setting up of Tariff committee inSetting up of Tariff committee in
19501950
 Life insurance was nationalized inLife insurance was nationalized in
1956 – formation of LIC1956 – formation of LIC
 general insurance in 1972 – GICgeneral insurance in 1972 – GIC
 Setting up of Malhotra Committee inSetting up of Malhotra Committee in
19931993
 Setting up of (interim) InsuranceSetting up of (interim) Insurance
Regulatory Authority (IRA) in 1996.Regulatory Authority (IRA) in 1996.

8.  Creation of IRDACreation of IRDA
 private sectorprivate sector should beshould be
allowed to enter insuranceallowed to enter insurance
 foreign playersforeign players allowedallowed