Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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The first statutory measure in India to regulate the life insurance business was in 1912 with the passing of the Indian Life Assurance Companies Act, 1912
The first general insurance company established by an Indian was Indian Mercantile Insurance Company Ltd. in Bombay in 1907.
In 1956 the life insurance business was nationalized and the operations of companies were merged to form the Life Insurance Corporation (LIC) of India.
With the introduction of the General Insurance Business (Nationalisation) Act, 1972, the general insurance business was nationalized.
General Insurance Corporation (GIC) was formed in 1972 and was made the holding company of 4 PSU general insurance companies. The operations of all general insurance companies were merged into these 4 companies.
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