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Insurance In India
Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, and further increased to 74% in May 2021. Since the privatisation in 2001, the largest life-insurance company in India, Life Insurance Corporation of India has held a monopoly until up to date but its market share slowly slipping to private giants like HDFC Life, ICICI Prudential Life Insurance, General Insurance Corporation of India and Exide Life Insurance. History Insurance in this current form has its history dating back to 1818, when ''Oriental Life Insurance Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United India Insurance Company
United India Insurance Company is a central public sector undertaking under the ownership of Ministry of Finance, & Government of India. Its headquarters is located in Chennai, India, and was incorporated on 18 February 1938. The company was nationalised in 1972. Previously, it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance obtained autonomy, with effect from 21 March 2003. Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company. After nationalization, United India has 14,322 number of workforce spread across 2,248 offices p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Law University, Jodhpur
National Law University, Jodhpur (NLUJ) is a public law school and a National Law University established under the National Law University, Jodhpur, Act, 1999 enacted by the Rajasthan State Legislature. The university was established for the advancement of learning, teaching, research and diffusion of knowledge in the field of law. It is one of the autonomous law schools in India. The university is recognized by the Bar Council of India, as well as the University Grants Commission under Section 12 (B) of the UGC Act, 1956, and is a member of the Association of Indian Universities. History The idea for the establishment of a National Law University in every state was recommended by Justice Aziz Mushabber Ahmadi in his 1994 committee report as a way to improve the standard and quality of legal education in India. The recommendations were finally implemented and National Law University, Jodhpur was set up in November 1999 by the passing of the National Law University Act, 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Institute Of India
The Insurance Institute of India is the sole national apex body for insurance underwriters in India established in 1955 in Mumbai. It is under the ownership of Ministry of Finance, Government of India. It was created for the purpose of regulation and licensing of insurance underwriting profession in India. The institute conducts examinations at various levels. It is the professional institute in India devoted solely to insurance-underwriting education. Certificates and diplomas are awarded by the institute to successful candidates. These are recognised by the government of India, the Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance indu ...), and insurers in India and abroad. These qualifications are recognised by similar institutes in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartered Insurance Institute
The Chartered Insurance Institute (also known as the CII) is a professional body dedicated to building public trust in the insurance and financial planning profession. The CII's purpose, as set out in its 1912 royal charter, is to 'Secure and justify the confidence of the public' in its members and the insurance sector as a whole. It aims to do this by setting standards of integrity, technical competence, and business capability. In February 2016 Sian Fisher joined the Chartered Insurance Institute as CEO, taking over after Sandy Scott's 16-year tenure. In November 2016, she launched a Strategic Manifesto outlining a 5-year plan to ensure the CII remains a valued partner and that the body's purpose and vision are relevant to the challenges facing the profession. Origins The first Insurance Institute was established in Manchester on 14 March 1873 to provide an environment for the social exchange of knowledge and ideas on the subject of insurance, with a particular focus on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Regulatory And Development Authority
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001. IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India. History In India insurance was mentioned in the writings of many historical documents, which examined the pooling of resources for redistribution after fire, floods, epidemics and famine. The life-insurance business began in 1818 with the establishment of the Oriental Life Insurance Company in Calcutta; the company failed in 1834. In 1829, Madras Equitable began conducti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Birla Institute Of Management Technology
Birla may refer to: * Birla family * Members of the Birla family: ** Aditya Vikram Birla ** Ananya Birla ** Basant Kumar Birla ** G. D. Birla ** K. K. Birla ** C. K. Birla ** Kumar Mangalam Birla See also * Burla (other) Burla may refer to: People * Burla (surname) Places *Burla, India, a town in India * Burla, Suceava, a commune in Suceava County, Romania *Burla, a village in Unțeni Commune, Botoșani County, Romania * Burla, Russia, a rural locality (a ''selo ... {{surname Birla family ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pondicherry University
Pondicherry University, also known as PU, is a collegiate public central university located in Kalapet, Pondicherry in Union Territory of Puducherry, India. It was established by an Act of Parliament in 1985 by the Department of Higher Education, Ministry of Education, Government of India. The Vice President of India is the Chancellor along with the Lieutenant Governor of Puducherry acting as the Chief Rector and the President of India is the Visitor of the university. The university is a collegiate university with its jurisdiction spread over the Union Territory of Puducherry located in Tamil Nadu (Pondicherry and Karaikal), Kerala ( Mahé) and Andhra Pradesh (Yanam), and Union Territory of Andaman and Nicobar Islands. The vast jurisdiction over three Union Territories namely gives the university a national character. The residents speak diverse languages such as English, Tamil, French, Telugu, Malayalam, Hindi, Bengali, Oriya and Kannada. Local skill sets are advanced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amity University, Noida
Amity University, Noida (also known as Amity University Uttar Pradesh and Amity University Delhi NCR) is a private research university located in Noida, Delhi NCR, India. It was established in 2005 by an Act of the State Legislature of Uttar Pradesh. The university is recognized by University Grants Commission and accredited by the NAAC with grade 'A+'. Amity University offers programs on campus and through distance mode, in a number of fields of study at undergraduate, postgraduate, and doctoral levels. It has campuses in India and overseas branch campuses in London, Dubai, Singapore and New York. History Amity University was established on 24 March 2005 through ''The Amity University Uttar Pradesh Act, 2005 (Act 11 of 2005)'' of the UP Vidhan Sabha by the Ritnand Balved Education Foundation. It was India's first private university to implement reservations and merit-based scholarships for students. In 2011, the school was reported to have over 80,000 students across 240 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River, in the northern part of Southern India. With an average altitude of , much of Hyderabad is situated on hilly terrain around artificial lakes, including the Hussain Sagar lake, predating the city's founding, in the north of the city centre. According to the 2011 Census of India, Hyderabad is the fourth-most populous city in India with a population of residents within the city limits, and has a population of residents in the metropolitan region, making it the sixth-most populous metropolitan area in India. With an output of 74 billion, Hyderabad has the fifth-largest urban economy in India. Muhammad Quli Qutb Shah established Hyderabad in 1591 to extend the capital beyond the fortified Golconda. In 1687, the city was annexed by the Mughals. In 1724, Asaf Jah I, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance Academy
The National Insurance Academy (NIA Pune also known as NIA) is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry. NIA started MBA education as a lateral diversification from 2004 with Dr K C Mishra as the founder director and Dr R K Parchure as MBA Coordinator, who was soon replaced by Dr S D Totade. After the tenure of Dr K C Mishra, the Academy had Dr. Prathap Oburai from IIM Ahmedabad as the new Director. During his stint here, Dr. Oburai had promised the students to elevate the academy to top 10 B-Schools of India with strong international collaborations. NIA runs a PGDM course. It provides a dual specialization (Insurance + Finance/Marketing/HR/IT). A main source of income of the academy is arranged by IRDA in the form of Broker's training and examination programs. Also the MDP programme for top executives of insurance companies are a major contributor to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Association
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association participates in public relations activities such as advertising, education, publishing, lobbying, and political donations, but its focus is collaboration between companies. Associations may offer other services, such as producing conferences, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. In countries with a social market economy, the role of trade associations is often taken by employers' organizations, which also take a role in social dialogue. Political influence One of the primary purposes of trade groups, particularly in the United States, is to attempt to influence public policy in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
