INDIAN INSURANCE INDUSTRY:
InsurersInsurance industry, as on 1.4.2000,
comprised mainly two players: the state insurers:
Life
Insurers:
- Life Insurance
Corporation of India (LIC)
General
Insurers:
- General Insurance Corporation
of India (GIC) (with effect from Dec'2000, a National Reinsurer)
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:
S.No.
|
Registration
Number
|
Date of
Reg.
|
Name of the
Company
|
1
|
101
|
23.10.2000
|
HDFC Standard
Life Insurance Company Ltd. |
2
|
104
|
15.11.2000
|
Max New York
Life Insurance Co. Ltd.
|
3
|
105
|
24.11.2000
|
ICICI Prudential
Life Insurance Company Ltd.
|
4
|
107
|
10.01.2001
|
Kotak Mahindra Old Mutual Life Insurance Limited
|
5
|
109
|
31.01.2001
|
Birla Sun Life
Insurance Company Ltd.
|
6
|
110
|
12.02.2001
|
Tata AIG Life Insurance
Company Ltd.
|
7
|
111
|
30.03.2001
|
SBI Life Insurance
Company Limited . |
8
|
114
|
02.08.2001
|
ING Vysya Life
Insurance Company Private Limited
|
9
|
116
|
03.08.2001
|
Bajaj Allianz Life Insurance Company Limited
|
10
|
117
|
06.08.2001
|
Metlife India
Insurance Company Ltd.
|
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
:
S.No.
|
Registration Number
|
Date of Registration
|
Name of the Company
|
1
|
123
|
15.07.2002
|
Cholamandalam
General Insurance Company Ltd. |
| 2. |
124 |
27.08.2002 |
Export
Credit Guarantee Corporation Ltd. |
| 3. |
125 |
27.08.2002 |
HDFC-Chubb
General Insurance Co. Ltd. |
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:
Yr: 2006-2007 :
Insurance Industry in this year, had 1new entrants; namely
Life Insurers:
Yr: 2007-2008 :
Insurance Industry in this year, had
5 new entrants; namely
Life Insurers:
Yr: 2008-2009 :
Insurance Industry in this year, so far has 3 new entrants in Life and 1 new entry in General ; namely
Life Insurers:
General Insurers:
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.