Insurance Ppt New2
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Insurance - Contents Insurance - Contents
Growth Of Insurance In India in Growth Of Insurance In India in recent pastrecent past
Acts governing InsuranceActs governing Insurance WTO and Insurance WTO and Insurance The Road AheadThe Road Ahead
• Growth Of Insurance In Growth Of Insurance In India in recent past India in recent past
INSURANCEINSURANCE
India has come a long way in the India has come a long way in the last six yearslast six years
Factors influencing Factors influencing growthgrowth
Exploring new marketsExploring new marketsInnovative product lineInnovative product lineImproved customer serviceImproved customer serviceImproved distribution channelImproved distribution channelChange in legislationChange in legislation
• Growth Of Insurance In India Growth Of Insurance In India in recent past in recent past ------------------------------------------------------------------------------
• Acts governing InsuranceActs governing Insurance
No regulation till 1866No regulation till 1866 Indian Companies Act (1866).Indian Companies Act (1866). the Indian Life Assurance the Indian Life Assurance
Companies ActCompanies Act (1912) (1912) the Provident Insurance the Provident Insurance
Societies ActSocieties Act (1912) (1912) Indian Insurance Companies Indian Insurance Companies
ActAct(1928)(1928)
first comprehensivefirst comprehensive legislation legislation Covered both life & non lifeCovered both life & non life RegulatedRegulated
– Investment patternInvestment pattern– Commission of agentsCommission of agents– Directors appointedDirectors appointed– supervision of insurance supervision of insurance
companiescompanies etc. etc.
Setting up of Tariff committee in Setting up of Tariff committee in 19501950
Life insurance was nationalized in Life insurance was nationalized in 1956 – formation of LIC1956 – formation of LIC
general insurance in 1972 – GICgeneral insurance in 1972 – GIC Setting up of Malhotra Committee Setting up of Malhotra Committee
in 1993in 1993 Setting up of (interim) Insurance Setting up of (interim) Insurance
Regulatory Authority (IRA) in Regulatory Authority (IRA) in 1996.1996.
previous Acts previous Acts proved to be proved to be obstacles in growthobstacles in growth
Rising costRising cost Subsidiaries of GIC acted as Subsidiaries of GIC acted as
cartelcartel the goal of “efficient customer the goal of “efficient customer
service” remained elusiveservice” remained elusive
Creation of IRDACreation of IRDA private sectorprivate sector should be should be
allowed to enter insuranceallowed to enter insurance foreign playersforeign players allowed allowed
Regulated appointment of Regulated appointment of actuariesactuaries
requirements for an agentrequirements for an agent solvency margin requirementssolvency margin requirements Registration of Indian Registration of Indian
Insurance CompaniesInsurance Companies Obligations of Insurers to Rural Obligations of Insurers to Rural
Social SectorsSocial Sectors
Capital of LIC raisedCapital of LIC raised Capital of GIC to be increasedCapital of GIC to be increased Minimum paid up capital Minimum paid up capital
requirementsrequirements Promoters holdingPromoters holding Security deposit Security deposit Failure to fulfill social Failure to fulfill social
obligations would attract a obligations would attract a finefine
• Growth Of Insurance In India Growth Of Insurance In India in recent past in recent past ------------------------------------------------------------------------------
• Acts governing InsuranceActs governing Insurance ------------------------------------------------------------------------------• WTO and InsuranceWTO and Insurance
FDI limitFDI limitDomestic regulationDomestic regulationAuxiliary servicesAuxiliary servicesChoice of commercial Choice of commercial
presencepresenceRequest to developed Request to developed
countriescountries
• Growth Of Insurance In India Growth Of Insurance In India in recent past in recent past ------------------------------------------------------------------------------
• Acts governing InsuranceActs governing Insurance ------------------------------------------------------------------------------• WTO and InsuranceWTO and Insurance
------------------------------------------------------------------------------• The Road AheadThe Road Ahead