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.

IC 14 - Regulation of Insurance Business

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