Research Essay

2748 words - 11 pages

RISK MANAGEMENT AND INSURANCE

BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE
PILANI

PROJECT REPORT ON
Insurance Regulations in India

SUBMITTED TO
Dr.UDAYAN CHANDA & Dr.IMLAK SHAIKH

I/C RISK MANAGEMENT AND INSURANCE,
DEPT OF MANAGEMENT,
BITS PILANI.

BY
Group-I |
Aditya Sharma | 2013H149253P |
DarvinXeona | 2013H149266P |
DibyaRanjanMaharana | 2013H149239P |
Ravali Bhogaraju | 2013H149287P |

What is insurance?

Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured ...view middle of the document...

The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular.
 
1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies.

 In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers.
 
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business.
 
An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.
 
The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India had its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first...

Other assignments on Research

Research Essay

499 words - 2 pages Target market 3 Total market valuation 3 Targeted share 3 Market trends 3 Profile of competitors 3 Competitive advantage 4 Benefits to clients 4 4) Marketing/Sales Strategy 5 Income sources 5 Marketing strategy 5 Pricing 5 Advertising and Promotion 5 Sales Strategy 6 5) Research & Development 7

Research Essay

3415 words - 14 pages organizational performance in banking sector. People believe that HR is not important it’s just a sunk cost and have no significant positive effect on org. performance. The aim of this study was to check the impact between Human resource management and organizational performance. The research was conducted in banking sector of Gujranwala .We have evaluated the impact of functions of HR like Selection, Training, Appraisal and Compensation (as

Research

1660 words - 7 pages "Ten to fifteen hours per week, on campus.” This is the typical response from faculty members and administrators who are asked how much undergraduate students should work at paying jobs while attending college. Available research supports this recommendation. Quantitative studies consistently show that retention rates are higher for students who work a modest number of hours per week (ten to fifteen) than they are for students who do not work

Research - 9031 words

9031 words - 37 pages Endless Research 1. What are two alternate recipes for Senate Bean Soup? Senate bean soup is a standard item on the Senate restaurant’s daily menu. Although the origins of this culinary decree has been lost in antiquity, It is said that Senate bean soup has become a tradition based on a request of Senator Fred Dubois of Idaho who served in the Senate from 1901 to 1907 and sat as chairman of the committee that supervised the Senate Restaurant

Research - 2132 words

2132 words - 9 pages How To: Outlining a Research Paper Note for students: This document was prepared by Dr Amy Stuart for a class in which she requires a research paper related to air quality. I am providing it here to offer you some guidance on preparing a good outline. It is possible that some of the details will not apply to your paper – for instance, your overall organizational structure might not include a “results”section as Dr Stuart suggests for her

Research - 5182 words

5182 words - 21 pages public relations campaigns • Engage cultural organization leadership to explore the potential for a cooperative marketing effort which might include a mailing list cooperative, collaborative prospecting, joint media purchases, shared advertising and cross-over marketing (e.g., bartered program advertisements), on-going joint market research • Provide, through a unique partnership between the Arts and Cultural Attractions network

Research - 1124 words

1124 words - 5 pages ). Although it has long been recognized that teenage childbearing is likely to carry substantial costs to children, most of the available research has focused on mothers. By comparison, we know less on the intergenerational effects of teenage motherhood. One exception is the frequently cited pattern of repetitions of early births across generations; daughters of teen mothers are found to face significantly higher risks of teen pregnancy than daughters of

Fundamental Research

1112 words - 5 pages Fundamentals of Research in Human Services Yolanda M. Long BSHS/382 Research and Statistics for the Social Sciences March 17, 2014 Michael A. Keitler, MA Fundamentals of Research in Human Services This paper will define the term scientific method and how it relates to research in human services. The process to evaluate the research must incorporate steps needed to identify the problem, analysis the data, and finally form a conclusion

Research Pepar

4074 words - 17 pages | 2014 | | Research For Senior Managers | [research Project on : How to develop a small business and strategy] | | Table of Contents Contents | Page No | Introduction | 02 | Be able to develop an appropriate research question for a business research project | | 1.1 Identify a suitable area of research | 02 | 1.2 Explain the aim, scope and objective of the project | 02 | 1.3 Establish success criteria for the research

About Research

1540 words - 7 pages TAUCHI – Tampere Unit for Computer-Human Interaction Essential features of a research plan Veikko Surakka Research Group for Emotions, Sociality, and Computing Tampere Unit for ComputerHuman Interaction, TAUCHI School of Information Sciences University of Tampere TAUCHI – Tampere Unit for Computer-Human Interaction Essential features of a research plan Contents • What is a research plan? – General overview • Functions • About preparation

Marketing Research

1342 words - 6 pages critical that the business have the successful tools to continue being profitable. In any business, whether it be new or old, it is critical for the business to have a marketing plan that is always being re-structured to stay ahead of the competitors and draw the right demographic of buyers to the company’s product or service. One of the main & essential parts in a marketing plan is conducting the proper research methods to find out the

Similar Documents

Research Essay 319 Words

319 words - 2 pages Advertising and Public Relations Herzing University Pamela Zipfel March 15, 2015 Research Program Research Program In developing a research program for a new book store for Herzing University, I would first start6 with a research plan. This would prompt me to use a marketing research plan, consumer research, advertising research and strategic research. “Market research complies information about a product.” (Hall, Prentice 2009

Research Essay 561 Words

561 words - 3 pages SOCIAL RESEARCH METHOD Q: Which research design suits your research topic and why? OUR RESEARCH QUESTION: Our research construct is glass ceiling prevailing and increasing in the organizations. Therefore, our research question is “how to break glass ceiling?” RESEARCH DESIGNS: There are five basic research designs according to which one can conduct his/her research. These research designs are: 1. Experimental design 2. Longitudinal

Research Essay 5412 Words

5412 words - 22 pages through merger and acquisitions. This research report is based on the study of how TCL can improvise demographic variables and use the data to extract results on the level of income and their buying power. Considering the scenario that the company is trying to launch a hi-end tablet in India or United States the data is collected. In order to examine the two markets the research problem has been identified: What are the attributes that will lead to

Research Essay 1527 Words

1527 words - 7 pages switching to other service providers have been the cause of intensive research .Due to the increased competition in the telecommunication industry in Ghana it has become extremely important for the companies to pay attention towards retaining of their customers .This research study particularly investigated the causes of customer switching behaviour. CHAPTER ONE: INTRODUCTION This research is focus on finding out the underlying factors that