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Insurance sector in india
1.
2. A contract between two parties whereby one
party called the insurer undertaking exchange
for a fix sum called premium to the other party
called insured a fixed amount of money on the
happening certain events.
8. Oriental life insurance company- Calcutta 1818
Bombay life insurance 1823
Triton general insurance 1850
1956 nationalisation of oriental life insurance
company- Calcutta 1818
245 Indian companies emerged under LIC
1973 Non-life /general insurance was
nationalised.
9. 1991 – Government had set up
Malhotra committee.
March 16th
1999 – Indian cabinet
approved IRA (Insurance
Regulatory Authority )
On 7th
dec 1999 government
passed IRDA act.
10. PERFORMANCE OF INDIAN INSURANCE
INDUSTRY
BRANCHES EMPLOYEES AGENTS
F.Y.2000 F.Y.2010 F.Y.2000 F.Y.2010 F.Y.2000 F.Y.2010
2048 11720 1.23 LACS 2.85 LACS 7.14
LACS
29.06 LACS
11. Actuary should be a member of Actuarial society of India.
Actuary should submit their detailed reports to IRDA.
An insurance company should deposit a minimum sum of
Rs.100 crores at the time of incorporation (now doubled to
rs.200 crores)
Financial consultants or agents should undergo a minimum
training for 50 hours.
12. Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd.
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Shriram Life Insurance Co, Ltd.
16 Bharti AXA Life Insurance Company Ltd.
17 Future Generali Life Insurance Company Ltd.
18 IDBI Fortis Life Insurance Company Ltd.
19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20 AEGON Religare Life Insurance Company Limited.
21 DLF Pramerica Life Insurance Co. Ltd.
22 Star Union Dai-ichi Life Insurance Comp. Ltd.
