Insurance History

INDIAN INSURANCE INDUSTRY:

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:  

  Life Insurers:
     General Insurers:
    GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.
    1. The Oriental Insurance Company Limited
    2. The New India Assurance Company Limited
    3. National Insurance Company Limited
    4. United India Insurance Company Limited.
    Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)

    Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1
    101
    23.10.2000
    HDFC Standard Life Insurance Company Ltd.
    2
    104
    15.11.2000
    Max New York Life Insurance Co. Ltd.
    3
    105
    24.11.2000
    ICICI Prudential Life Insurance Company Ltd.
    4
    107
    10.01.2001
    Kotak Mahindra Old Mutual Life Insurance Limited
    5
    109
    31.01.2001
    Birla Sun Life Insurance Company Ltd.
    6
    110
    12.02.2001
    Tata AIG Life Insurance Company Ltd.
    7
    111
    30.03.2001
    SBI Life Insurance Company Limited .
    8
    114
    02.08.2001
    ING Vysya Life Insurance Company Private Limited
    9
    116
    03.08.2001
    10
    117
    06.08.2001
    Metlife India Insurance Company Ltd.

    General Insurers   :

    S.No.
    Registration Number
    Date of Registration
    Name of the Company
    1
    102
    23.10.2000
    Royal Sundaram Alliance Insurance Company Limited
    2
    103
    23.10.2000
    Reliance General Insurance Company Limited.
    3 106
    04.12.2000
    IFFCO Tokio General Insurance Co. Ltd
    4
    108
    22.01.2001
    TATA AIG General Insurance Company Ltd.
    5
    113
    02.05.2001
    Bajaj Allianz General Insurance Company Limited
    6
    115
    03.08.2001
    ICICI Lombard General Insurance Company Limited.


    Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)

    Insurance Industry in this year, so far  has 5new entrants; namely

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 121
    03.01.2002

    Reliance Life Insurance Company Limited.

     

    2
    122
    14.05.2002
    Aviva Life Insurance Co. India Ltd.

    General Insurers   :

    S.No.
    Registration Number
    Date of Registration
    Name of the Company
    1
    123
    15.07.2002
    Cholamandalam General Insurance Company Ltd.
    2. 124 27.08.2002 Export Credit Guarantee Corporation Ltd.
    3. 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

    Yr: 2003-2004 : ( From 1st Jan 2003 till Date)

    Insurance Industry in this year, so far  has 1new entrants; namely

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 127
    06.02.2004

    Sahara India Insurance Company Ltd.


    Yr: 2004-2005 :

    Insurance Industry in this year, so far  has 1new entrants; namely

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 128
    17.11.2005

    Shriram Life Insurance Company Ltd.

    Yr: 2006-2007 :

    Insurance Industry in this year, had 1new entrants; namely

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 130
    14.07.2006 

    Bharti AXA Life Insurance Company Ltd.

    Yr: 2007-2008 :

    Insurance Industry in this year, had 5 new entrants; namely
    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 133 04.09.2007 Future Generali India Life Insurance Company Limited
    2 135
    19.12.2007

    IDBI Federal Life Insurance Company Ltd.
    General Insurers:
    3 131 03-08-2007 Apollo Munich Health Insurance Company Limited
    4 132 04-09-2007 Future Generali India Insurance Company Limited
    5 134 16-11-2007 Universal Sompo General Insurance Company Ltd.

     


    Yr: 2008-2009
    :


    Insurance Industry in this year, so far  has 3 new entrants in Life and 1 new entry in General ; namely

    Life Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
    2 138
    27.06.2008

    Aegon Religare Life Insurance Company Ltd.
    3 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
    4 142   Star Union Dai-ichi Life Insurance Co. Ltd.,
    5 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.

    General Insurers:

    S.No.
    Registration
    Number
    Date of Reg.
    Name of the Company
    1
    137
    8.05.2008
    Shriram General Insurance Company Limited,
    2
    139
    27.06.2008
    Bharti Axa General Insurance Company Ltd.
    3
    141
    15.12.2008 Raheja QBE General Insurance Co. Ltd


    INSURANCE BUSINEES:

    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 ):

    Life Insurance:

    Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.

    General Insurance:

    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 )

    2001

    New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers. 

    INFORMATION

    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

    CUSTOMER PROTECTION:

    Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.

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