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# A promise of compensation for specific potential future losses in exchange for a periodic payment.
# Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.
# All the subsidiaries working under the GIC umbrella were restructured as independent insurance companies.
Reinsurers:
# General Insurance Corporation of India.
Indian Insurance In
st 21
Century
# 2000:IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard Life insurance first private insurers to sell a policy. # 2001: Royal Sundaram Alliance first non life insurer to sell a policy . # 2007:First Online Insurance portal, set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt Ltd. # The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. # Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million and that for reinsurance company is INR 2000 million. In the 2004-05 budgets, the Government proposed for increasing the foreign equity stake to 49%, this is yet to be effected. Under the current guidelines, there is a 26 percent equity cap for foreign partners in direct insurance and reinsurance Company.
Life Stages
Life insurance
Non - Life Insurance (general insurance)
Property (eg. Builders risk insurance) Aviation(eg. Private aircraft insurance) Marine (eg. Marine hull insurance) Miscellaneous (eg. Purchase insurance)
From:Yuvanshu Sharma