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.
- The Oriental Insurance Company Limited
- The New India Assurance Company Limited,
- National Insurance Company Limited
- 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:
General Insurers :
Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)
Insurance Industry in this year, so far has 5new entrants; namely
Life Insurers:
General Insurers :
Yr: 2003-2004 : ( From 1st Jan 2003 till Date)
Insurance Industry in this year, so far has 1new entrants; namely
Life Insurers:
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.
|
| |
|
|
|
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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