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Tamil Software
அழகி மென்பொருள்
  
Tamil-English bilingual webmagazine dedicated to education of the masses through E-books, articles, worldwide informations, Slideshows,
Presentations on various subjects, photographs and images, moral and objective oriented stories and Lectures including audio and video

General Insurance in India

Courtesy:R. Vijayaragavan, coimbatore

The General insurance business in India, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

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