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Insurance Ppt New2
- 1. Insurance - Contents Growth Of Insurance In India in recent past Acts governing Insurance WTO and Insurance The Road Ahead
- 2. Growth Of Insurance In India in recent past
- 3. INSURANCE
- 4. India has come a long way in the last six years
- 5. Factors influencing growth Exploring new markets Innovative product line Improved customer service Improved distribution channel Change in legislation
- 6. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance
- 7. No regulation till 1866 Indian Companies Act (1866). the Indian Life Assurance Companies Act (1912) the Provident Insurance Societies Act (1912) Indian Insurance Companies Act (1928) Acts governing insurance
- 8. first comprehensive legislation Covered both life & non life Regulated Investment pattern Commission of agents Directors appointed supervision of insurance companies etc. The Birth of the Insurance Act, 1938
- 9. Setting up of Tariff committee in 1950 Life insurance was nationalized in 1956 – formation of LIC general insurance in 1972 – GIC Setting up of Malhotra Committee in 1993 Setting up of (interim) Insurance Regulatory Authority (IRA) in 1996. Major events till 1999
- 10. Cabinet clears Insurance Regulatory & Development Authority Bill
- 11. previous Acts proved to be obstacles in growth Rising cost Subsidiaries of GIC acted as cartel the goal of “efficient customer service” remained elusive Reasons for IRDA act
- 12. Creation of IRDA private sector should be allowed to enter insurance foreign players allowed Major changes
- 13. Regulated appointment of actuaries requirements for an agent solvency margin requirements Registration of Indian Insurance Companies Obligations of Insurers to Rural Social Sectors Regulations - IRDA act
- 14. Capital of LIC raised Capital of GIC to be increased Minimum paid up capital requirements Promoters holding Security deposit Failure to fulfill social obligations would attract a fine Regulations - IRDA act (contd..)
- 16. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance --------------------------------------- WTO and Insurance
- 17. FDI limit Domestic regulation Auxiliary services Choice of commercial presence Request to developed countries Negotiations under WTO
- 18. Growth Of Insurance In India in recent past --------------------------------------- Acts governing Insurance --------------------------------------- WTO and Insurance --------------------------------------- The Road Ahead