INSURANCE IN INDIA (PART 4)

PUBLIC SECTOR INSURANCE COMPANIES

Company	Insurer	Headquarter	Chairman cum Managing Director *
Life Insurance Corporation of India	Life	Mumbai	S. K. Roy (Chairman)
National Insurance Company Limited	General	Kolkata	NSR Chandraprasad
The New India Assurance Corporation limited	General	Mumbai	G. Srinivasan
The Oriental Insurance Company Ltd	General	New Delhi	Dr.A.K.Saxena
United India Insurance Company Limited	General	Chennai	Milind A Kharat
General Insurance Corporation of India	Reinsurer	Mumbai	Ashok K Roy
Agriculture Insurance Company of India Ltd	General	New Delhi	Joseph Plappallil J
Export Credit Gurantee Corporation	General	Mumbai	N Shankar

*As on 31-08-2013

Total Number of insurers	Private Sector	Public Sector	Total no. of Insurers(Public and Private)
Life Insurers	23	1	24
General Insurers	21	6	27
Reinsurance Co. GIC	-	01	01
Total	44	8	52

Since opening up, the number of participants in the industry has gone up from six insurers (including Life Insurance Corporation of India, four public sector general insurers and General Insurance Corporation of India as the National Reinsurer) in the year 2000 to 52 insurers operating in the life, non-life and reinsurance segments (including specialized insurers viz. Export Credit Guarantee Corporation and Agriculture Insurance Company of India Ltd. ). Three of the general insurance companies, viz. Star Health and Alliance Insurance Company; Apollo Munich Health Insurance Company; and Max BUPA Health Insurance Co. Ltd. function as standalone health insurance companies. Of the twenty three life insurance companies which have set up operations in the life segment post opening up of the sector, twenty one are in joint venture with foreign partners. Of the eighteen who have commenced operations in the non-life segment, sixteen had been set up in collaboration with foreign partners.

WHAT THE INSURANCE DIVISION DOES

Insurance Division is administratively concerned with the activities of life and non-life segments of the nationalized insurance industry and Insurance Regulatory and Development Authority (IRDA). The Functions of Division are:

Ø  Policy formulation and administration of the following Acts of Parliament:-

·         Insurance Act, 1938

·         Life Insurance Corporation Act, 1956

·         General Insurance Business (Nationalization) Act, 1972

·         IRDA Act, 1999

·         Actuaries Act, 2006

Ø Constant review and monitoring of the performance of the National Insurance Companies.

Ø Framing of rules and regulations in respect of service conditions of employees of Public sector Insurance Companies.

Ø Appointment of Chief Executives and Directors on the Board of Public sector Insurance Companies and on the IRDA.

Implementation of government sponsored insurance scheme like Universal Health insurance scheme, Aam Aadmi Bima Yojana, Varisht Pension Yojana Etc.