This document discusses the growth of the insurance industry in India in recent times, the acts governing insurance in India, and the impact of WTO agreements. It notes that factors like exploring new markets, innovative products, improved customer service, and improved distribution channels have contributed to industry growth. Key acts regulating insurance included the Indian Companies Act of 1866 and the Indian Insurance Companies Act of 1928. The WTO agreements allowed private sector and foreign players to enter the insurance industry in India.

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