Protection Regulatory And Development Authority

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The protection division in India has finished a full circle from an open aggressive business to nationalization and afterward back to changed open business. LIC of India has been the observer of the whole change starting with one stage then onto the next. In 2000, when Insurance Regulatory and Development Authority (IRDA) was situated up in India, 23 more private disaster protection organizations entered till date into the Indian market other than one current open extra security administrator LIC of India. The table incorporates the whole development
Table1: Total number of life insurance companies operating in India since 2000
Years Public Sector Private Sector Total
2001 1 10 11
2002 1 12 13
2003 1 12 13
2004 1 13 14
2005 1 14 15
2006 1 15 16
2007 1 17 18
2008 1 21 22
2009 1 22 23
2010 1 22 23
2011 1 23 24
2012 1 23 24
Source: Annual reports of IRDA 2000-2001 to 2011-2012
Protection Regulatory and Development Authority (I.R.D.A.) come into capacity on nineteenth April, 1999 as a self-sufficient body in the life coverage area in India. The principle goal of IRDA is to manage and register the life coverage organizations working in India. In January 2000, it embraced three-pronged business techniques for business, which included diminishment in premiums, higher returns and presentation of new items. It likewise tied up with ICICI Bank, HDFC Bank, UTI Bank and Bank of Punjab to straightforwardly dispatch clients ' strategy premiums and charge their recordsafter the exchange.
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