INSURANCE REGULATORY AUTHORITY
On the recommendations of the Malhotra Committee, Government has set up an interim Insurance Regulatory Authority (IRA), with a view to activate an insurance regulatory apparatus essential for proper monitoring and control of the insurance industry. The IRA is headed by a Chairman who is also Controller of Insurance and Chairman of TBC. The other Members of the IRA, not exceeding seven in number of whom not more than three shall serve full time, shall be nominated by the Central government.
GENERAL INSURANCE CORPORATION OF INDIA
The general insurance industry in India was nationalised and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalisation, were grouped into four operating companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company Finance Limited; and (iv) United India Insurance Company Limited.
LIFE INSURANCE CORPORATION OF INDIA
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise people’s savings for nation-building activities.
The life insurance Corporation of India (LIC) with its central office in Mumbai and 7 zonal offices at Mumbai, Kolkata, Delhi, Chennai, Hyderabad, Kanpur and Bhopal operates through 106 divisional offices including one salary savings scheme Divsion at Mumbai 2,048 branch offices and 323 Satellite offices. As on 31st March 2006, LIC has 10,52,283 agents spread all over the country.
For the year ended 31st March 2008, business under group schemes, both new and renewed, was to the tune of Rs.3,06,711.77 crore providing cover to 494.83 lakh lives during the preceding year.