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Coal Mines (Special Provisions) Act: 2015: 11 Repealing and Amending Act: 2015: 17 Repealing and Amending (Second) Act: 2015: 19 Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act: 2015: 22 Juvenile Justice (Care and Protection of Children) Act: 2016: 2 Commercial Courts Act: 2016: 4 Bureau of Indian Standards Act ...
The Insurance Act of 1938 [9] was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely nationalised on 19 January 1956, through the Life Insurance Corporation Act. All 245 insurance companies operating then in the country were merged into one ...
In 1914, the government of India began publishing insurance-company returns. The Indian Life Assurance Companies Act, 1912 was the first statute regulating life insurance. In 1928 the Indian Insurance Companies Act was enacted to enable the government to collect statistical information about life- and non-life-insurance business conducted in ...
No insurer shall accept any risk in any insurance business in India until the premium due has been received or advanced in the manner prescribed under section 64VB of the Insurance Act, 1938. If the insurance policy lapses without payment of the insurance premium within the due date, vehicle inspection is mandatory.
On 1 January 1973, GIC was notified as the reinsurer under Section 101 A of Insurance Act, 1938, [7] making it the Indian reinsurer for receiving obligatory cessions, a role hitherto played by two companies called India Reinsurance Corporation Limited (India Re) and Indian Guarantee and General Insurance Company Limited (Indian Guarantee).
Health insurance in India is a growing segment of India's economy. The Indian healthcare system is one of the largest in the world, with the number of people it concerns: nearly 1.3 billion potential beneficiaries. The healthcare industry in India has rapidly become one of the most important sectors in the country in terms of income and job ...
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata.Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India.