Insurance Industry in India and Insurance History in India
INDIAN INSURANCE INDUSTRY:
Insurers
Insurance 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.
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
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
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 :
S.No.
Registration Number
Date of Registration
Name of the Company
1
102
23.10.2000
Royal Sundaram Alliance Insurance Company Limited
2
103
23.10.2000
Reliance General Insurance Company Limited
3
106
04.12.2000
IFFCO Tokio General Insurance Co. Ltd
4
108
22.01.2001
TATA AIG General Insurance Company Ltd.
5
113
02.05.2001
Bajaj Allianz General Insurance Company Limited
6
115
03.08.2001
ICICI Lombard General Insurance Company Limited.
Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)
Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
121
2
122
14.05.2002
Aviva Life Insurance Co. India Ltd.
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 1 new entrants; namely
Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
127
06.02.2004
Sahara India Insurance Company Ltd.
Yr: 2004-2005 :
Insurance Industry in this year, so far has 1new entrants; namely
Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1 128
17.11.2005
Shriram Life Insurance Company Ltd.
Yr: 2006-2007 :
Insurance Industry in this year, had 1new entrants; namely
S.No.
Registration
Number
Date of Reg.
Name of the Company
1 130
14.07.2006
Bharti AXA Life Insurance Company Ltd.
Insurance Industry in this year, had 5 new entrants; namely
Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1 133 04.09.2007 Future Generali India Life Insurance Company Limited
2 135 19.12.2007 IDBI Federal Life Insurance Company Ltd.
General Insurers:
3 131 03-08-2007 Apollo Munich Health Insurance Company Limited
4 132 04-09-2007 Future Generali India Insurance Company Limited
5 134 16-11-2007 Universal Sompo General Insurance Company Ltd.
Yr: 2008-2009 :
Life Insurers;
S.No.
Registration
Number
Date of Reg.
Name of the Company
1 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
2 138 27.06.2008 Aegon Religare Life Insurance Company Ltd.
3 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
4 142 Star Union Dai-ichi Life Insurance Co. Ltd.,
5 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.
General Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1 137 8.05.2008 Shriram General Insurance Company Limited,
2 139 27.06.2008 Bharti Axa General Insurance Company Ltd.
3 141 15.12.2008 Raheja QBE General Insurance Co. Ltd
INSURANCE BUSINEES:
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.
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.
Insurers
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Life Insurance Corporation of India (LIC)
- 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)
S.No.
Registration
Number
Date of Reg.
Name of the Company
101
23.10.2000
HDFC Standard Life Insurance Company Ltd.
104
15.11.2000
Max New York Life Insurance Co. Ltd.
105
24.11.2000
ICICI Prudential Life Insurance Company Ltd.
107
10.01.2001
Kotak Mahindra Old Mutual Life Insurance Limited.
109
31.01.2001
Birla Sun Life Insurance Company Ltd.
6
110
12.02.2001Tata AIG Life Insurance Company Ltd.
111
30.03.2001
SBI Life Insurance Company Limited .
114
02.08.2001
ING Vysya Life Insurance Company Private Limited
116
03.08.2001
Bajaj Allianz Life Insurance Company Limited
117
06.08.2001
Metlife India Insurance Company Ltd.
Registration Number
Date of Registration
Name of the Company
102
23.10.2000
Royal Sundaram Alliance Insurance Company Limited
2
103
23.10.2000
Reliance General Insurance Company Limited
106
04.12.2000
IFFCO Tokio General Insurance Co. Ltd
108
22.01.2001
TATA AIG General Insurance Company Ltd.
113
02.05.2001
Bajaj Allianz General Insurance Company Limited
115
03.08.2001
ICICI Lombard General Insurance Company Limited.
Insurance Industry in this year, so far has 5new entrants; namely
Registration
Number
Date of Reg.
Name of the Company
121
03.01.2002
Reliance Life Insurance Company Limited.
122
14.05.2002
Aviva Life Insurance Co. India Ltd.
General Insurers :
S.No
Registration Number
Date of Registration
Name of the Company
123 15.07.2002 Cholamandalam General Insurance Company Ltd.
124 27.08.2002 Export Credit Guarantee Corporation Ltd.
125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.
Registration
Number
Date of Reg.
Name of the Company
127
06.02.2004
Sahara India Insurance Company Ltd.
Registration
Number
Date of Reg.
Name of the Company
Shriram Life Insurance Company Ltd.
Life Insurers:
Registration
Number
Date of Reg.
Name of the Company
Bharti AXA Life Insurance Company Ltd.
Yr: 2007-2008 :
Registration
Number
Date of Reg.
Name of the Company
Insurance Industry in this year, so far has 3 new entrants in Life and 1 new entry in General ; namely
Registration
Number
Date of Reg.
Name of the Company
Registration
Number
Date of Reg.
Name of the Company
ance business is divided into four classes :
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 ):
2001
New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers.
About the insurance industry, the following documents may be helpful:
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