Number Insurance Companies India
Number Insurance Companies India
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Insurance In India
Insurance in India has been present in the Indian culture since 1818, and today it is considered a federal subject. The government owns the largest life insurance company on the Indian market, thus creating conditions for development.
However, 80% of the Indian population has no life insurance, fact that is considered to be below international standards. Therefore, it is clear that the level of potential growth in the insurance industry is a very high one. If India desires a change, a modernization, then the insurance sector will clearly be the one that would be able to grant a higher amount of money to be invested in future projects.
The insurance sector is governed by two legislations. The first one is the Insurance Act- 1938, which was the first legislation governing all forms of insurance. The second is the Insurance Regulatory and Development Authority (IRDA) Act, 1999, which first allowed private companies into the insurance system.
As you may have already noticed, the main accent in India is placed on life insurances, but, unfortunately, the number of policyholders is increasing very slowly. However, the 12 private insurers that are so far on the life insurance market already grabbed 9 percent of the market in terms of premium income, fact that can be considered a good sign in development. Out of these 12 insurers, 4 are public sector companies and 8 private insurers.
After IRDA was revised, in 2000, a new series of conditions that allowed companies to operate in the insurance sector have been developed. Therefore, the company must be formed and registered under the Companies Act, 1956 and its sole purpose must be to carry on life insurance business, general insurance business or reinsurance business. Then, the aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, must not exceed 26%, paid up equity capital of such Indian insurance company.
But IRDA wasn’t the only one revised. 27 regulations on various issues have been notified, including Re-insurance, Investment and Accounting Procedure, Registration of Insurers, Obligation of Insurers to Rural and Social sector, and so on. This was only the beginning. If the insurance industry develops as everybody expects, great things await for India. Development is but a step away, and, somehow, nobody knows if it will happen slowly, or if it will be comparable to the Big Bang. Time will answer all questions.
About the Author
I have studied economics for years and love to write about economic trends and conditions. I write for www.economywatch.com and www.economypedia.com.
which india mnc had large number of group companies in india and in abroad?
ex. mnc birla had group companies of aditya birla , birla sun life insurance, birla nuva and many more companies in china , japan , singapore etc.,
Tata is biggest of all…with manufacturing locations spreaded all over the world…
visit www.tata.com for more details…
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