Regulation Of Insurance Business PDF

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Regulation Of Insurance Business

The business of life insurance in India was carried on by the Life Insurance of India as a statutory corporation and as a monopoly in the life insurance business till 1991.

After the new economic policy, the life insurance business in India was liberalized so much that foreign companies can also do life insurance business in India, but under government rule. ,

As a result, TIC of India has become one of the leading companies doing life insurance business in India.

In this chapter, an attempt has been made to present as briefly as possible the regulation of the insurance business by the Government of India.

The regulation of the insurance business in India is summarized under the following heads

3.1 Insurance Sector Reforms
3.2 Insurance Regulatory and Development Authority Act, 1999
3.3 Insurance Regulatory and Development Authority
3.4 The Insurance Act 1938 as amended in 2002
3.5 The Competition Act
3.6 Valuation of Life Policies

3.1 Insurance Sector Reforms

In 1993, the Malhotra Committee was formed under the chairmanship of former Finance Secretary.

and RBI Governor R.N. Malhotra was formed to evaluate the Indian’s Recommend the insurance industry and its future direction.

Malhotra The committee was set up with the objective of completing the reforms initiated in the financial sector. the reforms were aimed at making

Suitable for a more efficient and competitive financial system Keeping in view the structural changes currently underway and recognizing that insurance is an important part of the overall financial system, it was necessary to address the need for equitable reforms keeping in mind the requirements of the economy.

In 1994 the committee submitted its report and some of The major recommendations are as follows

i) structure

Government stake in insurance companies will be reduced up to 50 percent. The government should take over the general’s stake Insurance Corporation (GIC) and its subsidiaries so that these subsidiaries Can operate as independent corporations. All insurance companies should
More freedom to operate should be given.

II) Competition

Private companies with a minimum paid-up capital of Rs. 100 Crores of people should be allowed to enter this field.

No company should carry on the business of both life and general insurance through the same entity.

Foreign companies may be allowed to enter the industry in association with domestic companies. must have postal life insurance Permission should be given to work in the rural market.

same state life The insurance company should be allowed to operate in each state.

Language English
No. of Pages4
PDF Size0.04 MB

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