CHAPTER 1 INSURANCE INDUSTRY-SNAP SHOT History of Insurance in India India has a constituted muniment in the Insurance sector. It was even mentioned in the literary productions of Dharmasastra and Arthasastra. These writings speak in terms of pooling of the resources that could be re-distributed to the owners during the clock of adversities and calamities such as floods, fire, famine, epidemics. Probably, this was a pre-cursor to the modern sidereal day amends. In the form of marine trade loans and carriers contacts, Ancient Indian history has preserved the earliest traces of Insurance. The manner redress in the flesh(predicate) line of credit was started in India with the establishment of the Oriental manners indemnification attach to in Calcutta in the year 1818. However, this company failed in 1834. The Madras equitable had begun the lifetime policy business in the Madras presidency in 1829. In the last three decades of the nineteenth century, the Bombay mutu al (1871), Oriental (1874) and pudding stone of India (1897) were started in the Bombay Residency. However, in this era, foreign indemnity companies did very estimable business in India. Foreign insurance companies like Albert life insurance, Royal insurance, Liverpool and capital of the United Kingdom Globe Insurance have dominated the Indian insurance companies in a very catchy manner.
In 1914, the organisation of India started publishing returns of insurance companies in India. The Indian life insurance companies Act, 1912 was the first statutory measure to find out life business. This law was enacted in 1 928 to enable the government to pucker stat! istical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of insurance public, the earliest legislation was consolidated and amended by the insurance Act, 1938. The insurance Amendment act of 1950 abolished principal agencies. However, there were a man-sized bit of insurance companies and the level of competition...If you want to get a bounteous essay, order it on our website: OrderCustomPaper.com
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