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INDIAN INSURANCE INDUSTRY: --for interview

INDIAN INSURANCE INDUSTRY:

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:   

  Life Insurers:
 General Insurers:
GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.
  1. The Oriental Insurance Company Limited
  2. The New India Assurance Company Limited
  3. National Insurance Company Limited
  4. United India Insurance Company Limited.
Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)

Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
101
23.10.2000
2
104
15.11.2000
3
105
24.11.2000
4
107
10.01.2001
5
109
31.01.2001
6
110
12.02.2001
7
111
30.03.2001
8
114
02.08.2001
9
116
03.08.2001
10
117
06.08.2001
11
133
04.09.2007
12
135
19.12.2007

General Insurers   :
S.No.
Registration Number
Date of Registration
Name of the Company
1
102
23.10.2000
2
103
23.10.2000
3
106
04.12.2000
4
108
22.01.2001
5
113
02.05.2001
6
115
03.08.2001
7
131
03-08-2007
8
132
04-09-2007
9
134
16-11-2007


Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)

Insurance Industry in this year, so far  has 5new entrants; namely

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
121
03.01.2002
Reliance Life Insurance Company Limited.

2
122
14.05.2002
General Insurers   :
S.No.
Registration Number
Date of Registration
Name of the Company
1
123
15.07.2002
2.
124
27.08.2002
3.
125
27.08.2002
Yr: 2003-2004 : ( From 1st Jan 2003 till Date)

Insurance Industry in this year, so far  has 1new entrants; namely

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
127
06.02.2004





Yr: 2004-2005 :

Insurance Industry in this year, so far  has 1new entrants; namely

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
128
17.11.2005




Yr: 2006-2007 :
Insurance Industry in this year, had 1new entrants; namely

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
130
14.07.2006 




Yr: 2007-2008 :
Insurance Industry in this year, had 2 new entrants; namely
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
133
04.09.2007
2
135
19.12.2007




Yr: 2008-2009 :

Insurance Industry in this year, so far  has 3 new entrants in Life and 1 new entry in General ; namely

Life Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
136
08.05.2008
2
138
27.06.2008
3
140
27.06.2008




General Insurers:
S.No.
Registration
Number
Date of Reg.
Name of the Company
1
139
27.06.2008

INSURANCE BUSINEES:
Insurance business is divided into four classes :
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.
Life Insurers transact  life insurance business; General Insurers transact the rest.
No composites are permitted as per law.
LEGISLATION (as on 1.4.2000):
Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: 
Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.
INSURANCE PRODUCTS (as on 1.4.2000)  (for latest information get in touch with the current insurers – website information of insurers is provided at the web page for insurers ):

Life Insurance:

Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.

General Insurance:

Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )
2001

New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers. 

INFORMATION
About the insurance industry, the following documents may be helpful:
Malhotra Committee Report (The Report of the Committee on Reforms in the Insurance Sector);
IRDA's First Annual Report - 2001
CUSTOMER PROTECTION:

Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.



SBI LIFE INSURANCE TARGET FOR 2008-09
SBI Life Insurance, the second largest private life insurance company in India, has targeted a total business volume of Rs 11,000 crore during the current year. Of the Rs 11,000 crore, new business or new premium, both single and regular, will account for Rs 8,500 crore.

The company, a 74:26 joint venture between State Bank of India (SBI) and BNP Paribas Assurance, expects to achieve the target despite a meltdown in the international market and a fall in Indian stock markets.
“The economic recession and a fall in the Sensex will not affect the insurance sector in the country,” said Udaya Sankar Roy, managing director, SBI Life Insurance. He was here to inspect the branch office of SBI Life Insurance division.
Small investors should invest in the insurance sector for the safety and growth of their investment on a long-term basis, besides the life cover,” he said, adding, “I think the investors have understood the situation and started to invest in the sector.”
“The premium collection facility would be extended to the branches of seven associate banks of SBI. We are discussing with the bank authorities and the facilities would be available in the next three months,” Roy informed.
SBI Life Insurance has aimed to open 250 new branches in the country to expand its business this year and the company has already opened 242 new branches, including 11 new ones in Orissa . At present, the insurance company has a network of 424 branches across the country, of which 21 are in Orissa, he said.
In Orissa, the company has targeted a business of Rs 446 crore this year as against Rs 185 crore achieved in the last year. With a customer base of over 67 lakh, SBI Life Insurance has assets under management of Rs 11,727 crore and has been recording net profits for the past three years.

Home insurance in India covers thefts, burglaries, fire, earthquake, floods, explosions and other natural and accidental mishaps. Insurance of your home is a necessity that must be fulfilled. Home insurance ensures peace of mind. And finding a housing insurance company that offers fair and transparent insurance cover and insurance policy at suitable insurance premiums and interest rates is a task in itself. We do the task for you and give you a comprehensive listing of top home insurance companies in India.

You can find the best home mortgage insurance companies here like the United India Insurance, ICICI Bank Home Insurance Company (ICICI Lombard General Insurance co. ltd.), IFFCO Tokyo General Insurance Co. Ltd., National Insurance Co. Ltd., New India Assurance Co. Ltd., General Insurance Corporation of India, Aviva Insurance Company, Bajaj Allianz Insurance Company, HDFC Standard, ING Vysya, Kotak Mahindra, Reliance Insurance, Royal Sundaram Alliance Insurance Limited, Tata AIG and many more.

ICICI Lombard General Insurance Co. Ltd.
ICICI LOMBARD is India's number one general insurance company. You can assure your peace of mind if you get your house insured by ICICI LOMBARD. They provide insurance of home as well as household goods. They offer simple and fast documentation and also digitally signed documents through an online interface.

Website:
http://www.icicilombard.com
IFFCO Tokyo General Insurance Co. Ltd.
IFFCO TOKIA is one of the prominent companies in India. They are one of the top most companies in insurance. They offer 40 unique customized policies. They are of great help to those people who leack knowledge and information about quality insurance products.
National Insurance Co. Ltd.
National Insurance Company Ltd is the oldest existing insurance company in India. Under its home insurance policy it insures your home and also its contents. It covers a number of risks under single policy.

Website:
www.nationalinsuranceindia.com
New India Assurance Co. Ltd.
The New India Assurance Company Limited provides home insurance in a hassle free manner.

Website:
http://www.niacl.com/
Tata Aig Life Insurance Co. Ltd.
Tata AIG is India's leading insurance company providing both Life and General Insurance. They provide home insurance at a very nominal rate.

Website:
www.tata-aiggeneral.com
United India Insurance Co. Ltd.
United Insurance is one of the foremost general insurance Company. Customer satisfaction and admiration is their best reward. Their offices are spread throughout the country.

General Insurance Corporation Of India
General Insurance Corporation Of India gives finance to build home or to purchase a new one.

Website:
www.gicofindia.com


INDIAN INSURANCE INDUSTRY: --for interview Reviewed by sambasivan srinivasan on 8:45:00 AM Rating: 5

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