The document summarizes the growth of insurance in India in recent past, acts governing insurance, WTO and insurance, and the road ahead. It discusses how India has progressed in the last six years in insurance due to factors like exploring new markets, innovative products, improved customer service and distribution channels. It outlines the major acts passed in India regarding insurance regulation from 1866 to 1999 and the need for the IRDA act to allow private sector and foreign players due to obstacles under previous acts. It also briefly discusses negotiations under WTO on insurance and FDI limits.

1. Insurance - Contents Growth Of Insurance In India in recent past Acts governing Insurance WTO and Insurance The Road Ahead

2. Growth Of Insurance In India in recent past

3. INSURANCE

4. India has come a long way in the last six years

5. Factors influencing growth Exploring new markets Innovative product line Improved customer service Improved distribution channel Change in legislation

6. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance

7. No regulation till 1866 Indian Companies Act (1866). the Indian Life Assurance Companies Act (1912) the Provident Insurance Societies Act (1912) Indian Insurance Companies Act (1928) Acts governing insurance

8. first comprehensive legislation Covered both life & non life Regulated Investment pattern Commission of agents Directors appointed supervision of insurance companies etc. The Birth of the Insurance Act, 1938

9. Setting up of Tariff committee in 1950 Life insurance was nationalized in 1956 – formation of LIC general insurance in 1972 – GIC Setting up of Malhotra Committee in 1993 Setting up of (interim) Insurance Regulatory Authority (IRA) in 1996. Major events till 1999

10. Cabinet clears Insurance Regulatory & Development Authority Bill

11. previous Acts proved to be obstacles in growth Rising cost Subsidiaries of GIC acted as cartel the goal of “efficient customer service” remained elusive Reasons for IRDA act

12. Creation of IRDA private sector should be allowed to enter insurance foreign players allowed Major changes

13. Regulated appointment of actuaries requirements for an agent solvency margin requirements Registration of Indian Insurance Companies Obligations of Insurers to Rural Social Sectors Regulations - IRDA act

14. Capital of LIC raised Capital of GIC to be increased Minimum paid up capital requirements Promoters holding Security deposit Failure to fulfill social obligations would attract a fine Regulations - IRDA act (contd..)

16. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance --------------------------------------- WTO and Insurance

17. FDI limit Domestic regulation Auxiliary services Choice of commercial presence Request to developed countries Negotiations under WTO

18. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance --------------------------------------- WTO and Insurance --------------------------------------- The Road Ahead