IMPORTANT MILESTONES IN THE GENERAL INSURANCE BUSINESS IN INDIA
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 in India nationalized through The General Insurance Business (Nationalization) Act, 1972.
1973: 107 insurers amalgamated and grouped into four companies- the National Insurance Company Limited, the New India Assurance Company Limited, the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
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 in India nationalized through The General Insurance Business (Nationalization) Act, 1972.
1973: 107 insurers amalgamated and grouped into four companies- the National Insurance Company Limited, the New India Assurance Company Limited, the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.