INDIAN INSURANCE INDUSTRY:
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Insurance Industry in the year 2000-2001 had 16 new entrants, namely:
General Insurers :
Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)
Insurance Industry in this year, so far has 5new entrants; namely
: ( From
1st Jan 2003 till Date)
Yr: 2004-2005 :
Yr: 2006-2007 :
Insurance Industry in this year, had 1new entrants; namely
Yr: 2007-2008 :
Insurance Industry in this year, had
5 new entrants; namely
Insurance business is divided into four classes :
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact the rest.
No composites are permitted as per law.
LEGISLATION (as on 1.4.2000):
Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is:
Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.
INSURANCE PRODUCTS (as on 1.4.2000) (for
latest information get in touch with the current insurers – website
information of insurers is provided at the web page for insurers ):
Products: Endowment Assurance (Participating), and Money Back
(Participating). More than 80% of the life insurance business is from
Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )
About the insurance industry, the following documents may be helpful:
Malhotra Committee Report (The Report of the Committee on Reforms in the Insurance Sector);
IRDA's First Annual Report - 2001