By: Tarun Prakash Srivastava, Sr. Executive Editor-ICN Group
On April 19, 2000, the Insurance Regulatory Development Act, 1999 was passed in India, and after the commencement of this Act, the insurance business was opened in India for the private sector also.
In the year 1347 AD, the first insurance contract was mentioned in Geneva, which was pure insurance and in which no loan amount was secured, and such insurance contracts became increasingly popular in the next centuries and in these contracts, there was a provision of protection against future uncertainties to a certain limit and according to the scope of security, their premium amounts were also different.
The first book was written on insurance called “Legal Treaties on Insurance and Merchants” is found, which was written by Pedro De Santaram in 1488 AD, which was published in 1552 AD.
In the nineteenth century, different forms of insurance began to evolve in Europe and some of which came into existence in the early decades of the seventeenth century. In the WILL of the British colonist Roberts Hyman, there is also a mention of two insurance policies of hundred pounds, one of which was related to the safety of the shipments of Roberts Hyman and the other was related to the safety of his life.
The idea of property insurance is inspired by the terrible fire of London in 1666 AD, in which more than 1300 houses had burnt to ashes, and from that point of time, the idea of “The insurance is not an object of solicitation, but it is an object of necessity.” was gained and this idea is also noticed in Sir Christophe Reno’s new scheme of London for the work of developing a site reflecting an “insurance office” specifically.
Insurance is a highly developed area today. In our country India, initially, the Life Insurance Corporation of India Act was passed in the Indian Parliament by the Indian Government in 1956 and in the field of general insurance, 55 private Indian insurance companies, and 22 other companies were working and after passing the Global Insurance Business (Nationalized) Act, 1972, on 22.11.1972 under this Act, the merger of all the companies was done in the form of ‘General Insurance Corporation of India’ (GIC) and after some time, the companies were again reorganized into four wholly-owned subsidiaries and thus, the National Insurance Company Ltd., United Insurance Company Limited, Oriental Insurance Company Limited and New India Assurance Company Limited came into existence.
On April 19, 2000, the Insurance Regulatory Development Act, 1999 was passed in India, and after the commencement of this Act, the insurance business was opened in India for the private sector also.
Today in the life insurance sector in India, one company is in the public sector, and 23 companies are in the private sector and in general insurance sector, seven companies are in public sector, and 22 companies are working in the private sectors.
Tarun Prakash Srivastava
The writer is the author of book ‘Science of Money’ available on Amazon.com in English at http://bit.ly/Science-Of-Money
