The Insurance Act of 1938 The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life Insurance Corporation Act Life insurance in India was completely nationalized on 19 January 1956, through the Life Insurance Corporation Act. The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. General Insurance Business (Nationalisation) Act In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament, and consequently, General Insurance business was nationalized with effect from 1 January 1973. 107 insurers were amalgamated and grouped into four companies, na...
A mile closer to the milestone...