Important Milestones in the Life Insurance Business in India- For LIC AAO 2016:
Dear Readers, Important Milestones in the Life Insurance Business in India, which is importantInsurance Awareness Materials was given here below, candidates can use this materials for your LIC AAO 2016 Exam Preparation.
Some of the important milestones in the life insurance business in India are:
· 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
· 1870: Bombay Mutual Assurance Society, the first Indian life insurance company started its business.
· 1912: The Indian Life Assurance Companies Act enacted as the First statue to regulate the life insurance business.
· 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance business.
· 1938: Earlier legislation consolidated and amended to by the Insurance Act with the Objective of protecting the interests of the insuring public.
· 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised.LIC formed by an Act of Parliament, viz.LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.
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