Industrial Report on Insurance Companies

HISTORY OF INSURANCE INDUSTY The story of redress is probably as old as the story of mankind. The same instinct that prompts recent subscriber linemen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the slimy consequences of fire and flood and loss of life and were willing to situate some sort of sacrifice in order to fulfil security. Though the concept of damages is largely a information of the recent early(prenominal), particularly after the industrial era foregone few centuries yet its beginnings date back almost 6000 years. The insurance sector in India has completed all the facets of competition from cosmos an open competitive market to being nationalized and then get back to the form of a liberalized market once again. The tale of the insurance sector in India reveals that it has witnessed complete dynamism for the past two centuries approximately. | With the establishment of the Oriental Life insurance confederation in Kolkata, the business of Indian life insurance started in the year 1818. Important milestones in the Indian life insurance business * 1912: The Indian Life Assurance Companies Act came into force for set the life insurance business.

* 1928: The Indian indemnity Companies Act was enacted for enabling the government to collect statistical information on some(prenominal) life and non-life insurance businesses. * 1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public. * 1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of ` 5 crore and that too from the Government of India. The history of general insurance business in India can be traced back to Triton Insurance Company Ltd. (the first general insurance company) which was formed in the year... If you want to get a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper