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Uploaded byNisha Karkera
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History Of Insurance

Insurance in India began in 1870 with the first policy issued. The first Indian insurance company, Bombay Mutual Assurance Society Ltd., was formed in 1870. Insurance companies were nationalized in 1956 and merged into the Life Insurance Corporation of India. In 1993, the Malhotra Committee recommended privatizing insurance and the Insurance Regulatory & Development Authority was established to regulate the industry. Currently there are 23 private insurance companies operating in India alongside regulations set by acts passed in 1938, 1999, 1956, and 1972.

2/16/2010CREATED BY NISHA KARKERA
History of Insurance in IndiaInsurance in India began in the year 1870; The first policy issued was in 1870 by 'The European & The Albert'
The first Indian insurance company was 'Bombay Mutual Assurance Society Ltd.' formed in 1870.
As the ‘Swadeshi' movement was catching up many more Indian companies were formed.
The insurance companies were nationalized in 1956.
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.2/16/2010CREATED BY NISHA KARKERA
Historyof Insurance inIndiaIn 1993, the Malhotra Committee, headed by the former RBI Governor R. N. Malhotra was appointed. This committee submitted the report a year later and recommended 'privatization'.