History of Insurance in India

   Modern Insurance Agencies

1. The Oriental Life Insurance Co. Ltd.:- It was an English company and emerged as an First Life Insurance Company in India.
2. Triton Insurance Company Ltd.:-  The First Non-Life Insurance Company in India.
3. Bombay Mutual Assurance Society Ltd.- The First Indian Insurance Company founded in1870 in Mumbai.
4. National Insurance Company Ltd. :- The oldest and still operating Insurance company of India founded in 1906.

  ACTS AND SETUPS

• The Insurance act ,1938 was the first legislation enacted to regulate the conduct of insurance company in India.
• LIC(Life Insurance corporation) of India was formed on 01.09.1956, and by this Life insurance business was nationalised in India.
• LIC held exclusive rights to do business in India from1956-1999.
• GIC and its 4 subsidiaries were formed in 1972 ,with the enactment of GIBNA (General Insurance Business Nationalisation  Act),and with this general insurance business was nationalised.
• Malhotra Commitee was setup in 1993 to recommend changes for development of Industry and to introduce new element of competition.
• Insurance regulatory authority was setup in1997.
• IRDA(Insurance Regulatory and Development Authority ) was formed in April 2000 ,with the enactment of Insurance Regulatory and Development Act ,1999.