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The business of Indian life insurance started in the year 1818 With the establishment of the Oriental Life Insurance Company in Kolkata. In 1914, the Government of India started publishing returns of Insurance Companies in India. An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year
The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%.
Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.
What is Insurance
A financial service allowing individuals to pool their exposure to risks of economic loss resulting from the occurrence of uncontrollable events such as fire, death, earthquakes, etc. Essentially, an individual pays a premium that buys guarantee of compensation for economic loss due to the occurrence of a predefined set of events.
TYPES OF INSURANCE
Health insurance Business insurance Automobile insurance Fire insurance etc.
Health insurance
Just like one looks to safeguard ones wealth, these policies ensure guarding the insurer's health against any calamities that may cause long term harm to ones life and even hamper ones earning ability for a lifetime.
Business Insurance
Risks of loss of profits/business, goods, plant and machinery are most profound in case of business. Under this head they cover the most widely used policies that cover a business from any loss of the above kind. Some of these policies are shopkeeper insurance etc.
Automobile Insurance
Auto Policy is required to be taken to cover the risks that arise to the owner, vehicle and third party. This includes the Compulsory Vehicle Policy (In India, by the Motor Vehicles Act, every car owner is required to covered against Act risks) and the Comprehensive Vehicle Policy.
Fire Insurance
This policy is required to be taken to prevent any loss of profits / property from incidental fire. Eg: fire insurance and fire consequential loss policy.
MAJOR PLAYERS
The Union Budget for fiscal 2005 had recommended that the ceiling on foreign holding be increased to 49.0%. A change in the Insurance Act requires a passage of the bill in both houses of Parliament. The Indian government has tabled the bill in the Upper House of Parliament in August 2010.
MARKET SHARE
GOVERNMENT POLICY
Central Govt. securities being not less than 20% State Govt. securities and other government guaranteed securities, including (1) above, being not less than 30% Loans to HUDCO/DDA/GIC-HF and to state governments. For housing and fire fighting equipment, not less than 15% Market sector not more than 55%
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