Insurance Act, 1938 was the first legislation enacted to regulate conduct of insurance companies
Nationalisation of life insurance - Life insurance business was nationalised on 1st September, 1956. The Life Insurance Corporation of India (LIC) was formed.
Nationalisation of non-life insurance - enactment of General Insurance Business Nationalisation Act (GIBNA) in 1972. General Insurance Corporation of India (GIC) and its four subsidiaries were set up
The passing of the Insurance Regulatory & Development Act, 1999(IRDA) led to the formation of Insurance Regulatory and Development Authority (IRDAI) in April 2000 as a statutory regulatory body both for life and non-life insurance industry.
How insurance works - Process where losses of a few are shared by many who are exposed to similar uncertain events / situations.
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