Role of It in Insurance Sector

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 daytime amends. In the form of marine trade loans and carriers contacts, Ancient Indian history has preserved the earliest traces of Insurance. The manner redress individual(prenominal) line of credit was started in India with the establishment of the Oriental deportment damages beau monde in Calcutta in the year 1818. However, this company failed in 1834. The Madras equitable had begun the animation policy business in the Madras presidency in 1829. In the last three decades of the 19th century, the Bombay mutual (1871), Or iental (1874) and pudding stone of India (1897) were started in the Bombay Residency. However, in this era, foreign insurance 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 government 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 1928 to enable th e government to pucker statistical informat! ion 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 in front 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 consequence of insurance companies and the level of competition...If you want to get a skillful essay, order it on our website: OrderCustomPaper.com

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