information on History of insurance companies in india .History of insurance industry in India.Insurance industry started functioning in India late. It was very early introduced in England and soon it got pace and people were interested in the business. Soon it became a popular business and started functioning worldwide. The first insurance company was established in London, UK by William Talbot and Sir Thomas Allen in 1706. It was a life insurance industry. After this the non lifer based insurance also came into existence. India had formulated several policies for insurance sectors and now most of the companies dealing with insurance sector has been nationalized by the government of India.
There are several types of insurance which the candidates should know and the difference existing among them. It would help them to score good marks in the upcoming Insurance related examinations. India is now working both in the field of Life and non life insurance companies. The only government based life insurance company is Life insurance corporation (LIC) India and there is primary non life based insurance company which is GIC ( general life insurance) which deals in non life insurance products. There are other nationalized non life insurance based industries which are NIACL, NICL, UIIC and OICL etc.
Important points related to Insurance sector
There can be several types of insurance which the candidates should know which will help them in the upcoming examinations. They are
- Self insurance: this is a form of insurance where the entity of individual alone is engaged in the insurance for himself. This was earlier form of insurance.
- Co insurance: it is a situation where the risk is shared by several insurance entities.
- Dual insurance: if any person is insured against the same cause or situation twice by two different policies for the same subject matter then it is called as the Dual insurance.
- Re insurance: If the person wants to transfer his whole or partial risks to another insurance entity then it is called re insurance, the subject matter for the insurance in this case does not change.
These are the important points which the candidates should note and also they should know about the head quarters of the insurance companies which are nationalized in India and they will get the questions from this section. Here are some facts about the major insurance companies to help the candidates in this.
History of insurance companies in india
Important points about Insurance companies
- 1st Indian Insurer was Bombay Mutual Life Assurance Society
- Year Of Establishment – 1870
- In 1912 ,The Life Insurance companies act and Provident Fund act were passedThe oldest existing insurance company in india is NIC (National Insurance Company)Year of Establishment – 19065. In 1972 GIB act (General Insurance Business) was passed by parliament
6. In 1999 IRDA act was passed on recommendation of malhotra committee
IRDA important points
- Older name – Insurance Regulatory and Developement Authority
- Chainman – T.S Vijayan
- Headquarters – Hyderabad,Telangana
IR (Insurance Repository) imp points
- Insurance Repository is a company registered under companies act, 1956.
- IR has been granted a certificate of registeration by IRDA.
- Its function is to maintain data of insurance policies in Electronic form
There are 5- Insurance Repositories:
- NSDL database management ltd.(National Securities Depository Ltd.)
- Centeral Insurance repository ltd.
- SHCIL projects ltd. (Stock holding corporation of India)
- Karvy Insurance repository ltd.
- CAMS repository services ltd.
Insurance companies and their Headquarters:
GIC (General Insurance corporation of India)
- Headquarter – Mumbai
- Chairman – A.K Roy
- GIC of India is the Reinsurance company in India (GIC Re)
NICL (National Insurance company ltd.)
- Headquarter- Kolkata,West Bengal
- Founded – 1906
- Nationalised – 1972
- CMD – A,V Girija & K.P Brahma
- Fully Centeral Gov. Owned
NIA (New India Assurance)
- Headquarter- Mumbai
- Founded – 1919
- Nationalised – 1973
- CMD – G Srinivasan
OICL (Oriental Insurance Company ltd.)
- Headquarter- New Delhi
- CMD –A.K Saxena
UIICL (United India Insurance company ltd.)
- Headquarter – Chennai
- CMD – Milind Kharat