INSURANCE INDUSTRY-SNAP SHOT
History of Insurance in India
India has a constituted muniment in the Insurance sector. It was even mentioned in the literary productions of Dharmasastra and Arthasastra. These writings speak in terms of pooling of the resources that could be re-distributed to the owners during the clock of adversities and calamities such as floods, fire, famine, epidemics. Probably, this was a pre-cursor to the modern day amends. In the form of marine trade loans and carriers contacts, Ancient Indian history has preserved the earliest traces of Insurance.
The manner redress personal line of credit was started in India with the establishment of the Oriental deportment insurance company in Calcutta in the year 1818. However, this company failed in 1834. The Madras equitable had begun the life insurance business in the Madras presidency in 1829. In the last three decades of the nineteenth century, the Bombay mutual (1871), Oriental (1874) and pudding stone of India (1897) were started in the Bombay Residency. However, in this era, foreign insurance companies did very estimable business in India. Foreign insurance companies like Albert life insurance, Royal insurance, Liverpool and London Globe Insurance have dominated the Indian insurance companies in a very catchy manner.
In 1914, the government of India started publishing returns of insurance companies in India. The Indian life insurance companies Act, 1912 was the first statutory measure to find out life business. This law was enacted in 1928 to enable the government to pucker statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of insurance public, the earlier legislation was consolidated and amended by the insurance Act, 1938.
The insurance Amendment act of 1950 abolished principal agencies. However, there were a man-sized number of insurance companies and the level of competition...If you want to get a full essay, order it on our website: Orderessay
If you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment