Insurance Industry in India

Regulation

 

IRDA is the regulator for the insurance industry in India .

 

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again.

 

Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

 

Insurance sector reforms

 

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.

N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its

future direction.

    

A brief history of the Insurance sector

 

The business of life insurance in India in its existing form started in India in the year 1818, with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

• 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
• 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
• 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
• 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
• Establishment of Insurance Regulatory and Development Authority (1996)
• Passing of IRDA Bill (1999)
• Licensing of first batch of private insurers (2000)

 

 

General insurance business

 

Some of the important milestones in the general insurance business in India are:

   

• The General insurance business in India, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

 

• 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
• 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
• 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
• 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.
• 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

 

 

 

Life Insurers

(Data inserted on 23.12.2008)

S.No	NAME OF THE COMPANY	NAME OF PRINCIPAL OFFICER	NAME OF APPOINTED ACTUARY	TELEPHONE NO./FAX No./E-MAIL & WEB ADDRESS
1.	Bajaj Allianz Life Insurance Company Limited . GE Plaza, Airport Road , YerawadaPune 411 006	Mr.Kamesh Goyal	Mr. Anil Kumar Singh	Tel : 020-4026666 Fax : 020-4026789 .
2.	Birla Sun Life Insurance Co. Ltd 6th Floor, Vaman Centre, Makhwana Road, off Andheri-Kurla Road , Andheri(E), MUMBAI-400 059.	Mr. Vikram J. Mahmi	Mr. Fabien Jeudy	Tel : 022 5678 3333 Fax: 022 5678 3232
3.	HDFC Standard Life Insurance Co. Ltd 2nd Floor, Trade Star Kondivita Junction Andheri Kurla Road Andheri East Mumbai 400059 .	Mr.D.M. Satwalekar	Mr. William John Martin	Tel : 022-67516666 Fax: 022-2822 8844
4.	ICICI Prudential Life Insurance Co. Ltd ICICIPrulifeTowers , 1089, Appasaheb Marathe Marg, Prabhadevi,  Mumbai 400 025.	Ms. Shikha Sharma	Mr. Avijit Chatterjee	Tel :022-56621996 Fax: 022-56622031
5.	ING Vysya Life Insurance Company Ltd. ING Vysya Home, 5th Floor, #22 Mahatma gandhi RoadBangalore-560 001.	Mr.Kshitij Jain	Ms. Hemamalini Ramakrishnan	Tel : 080-25328000 Fax: 080-25559764
6.	Life Insurance Corporation of India Yogakshema, Jeeva Bima Marg, Post Box No. 19953 MUMBAI 400 021	Shri T S. Vijayan	Mr. T Bhargava	Tel 56598701;56598702 Fax: 22824386 E-Mail ; chairman@licindia.com
7.	Max New York Life Insurance Co. Ltd 11th Floor, DLF Square , Jacaranda Marg, DLFCity , Phase-II,  GURGAON 122 002.	Shri Rajesh Sud	Mr.John Charles Poole	Tel : 0124-2561717 Fax: 0124-2561764
8.	Met Life India Insurance Company Ltd. Brigade Seshamahal, No. 5, Vani Vilas Road , Basavanagudi,  BANGALORE-560 004.	Mr. Rajesh Relan	Mr. M S V S Phanesh	Tel : 080-26438638 Fax: 080-26521970 Toll Free No. 1-600-44-6969
9.	Kotak Mahindra Old Mutual Life Insurance Limited 9th Floor, Godrej Coliseum, Behind Everard Nagar, Sion (East), MUMBAI-400 022..	Mr. Gaurang Shah	Mr. Andrew Willis Cartwright	Tel : 022-6621 5999 Fax:022-6621 5757, 6621 5858
10.	SBI Life Insurance Co. Ltd TurnerMorrisonBuilding, 2nd Floor, 16, Bank Street, Fort Mumbai-400 023.	Mr.Uday Sankar Roy	Mr. Sanjeev Kumar Pujari	Tel : 022-56392000 Fax: 022-56621471
11.	Tata AIG Life Insurance Company Limited 5th 7 6th Floor, Peninsula Tower,   Peninsula Corporate Park Ganpatrao Kadam Marg, Lower Parel, MUMBAI 400 013.	Mr.Trevor Bull	Mr. Heerak Basu	Tel :022-66516000 Fax : 022-66550711
12	Reliance Life Insurance Company Limited. 1st Floor, Mdas, SaharPlaza,Andheri Kurla Road,   Andheri East, Mumbai 400059.	Mr. P Nandagopal	Ms. Pournima Gupte	Tel : 022-30479600/30479784 Fax: 022-30479650
13	Aviva Life Insurance Company India Limited AvivaTower, Sector Road, Opposit Golf Course, DLF-Phase V, Sector-43, Gurgaon - 122 003	Mr. T. R. Ramachandran	Mr. Chandan Khasnobis	Tel: 0124-270 9000/01, Fax: 0124-270 9007.
14	Sahara India Life Insurance Co, Ltd. SaharaIndia Bhawan, Kopoorthala Complex, Lucknow 226024	Mr.N.C. Sharma	Mr. K K Dharni	Tel: 0522-2337777 Fax: 0522-2378200
15	Shriram Life Insurance Co, Ltd. Regd. Office : 3-6-478, 3rd Floor, Anand Estate, Liberty Road, Himayat Nagar, Hyderabad - 500029	Mr R Duruvasan	Mr N S Sastry	Tel: 040-23434466-72 Fax: 040-23434488
16	Bharti AXA Life Insurance Company Ltd. 61/62, Kalpataru Synergy, Vakola, Opp. Grand Hyatt Hotel, Santacruz (E) Mumbai – 400 055	Mr. Nitin Chopra	Mr. G L N Sarma	Tel: 022 – 40306300/6301 Fax: 022 - 40306347
17	Future Generali India Life Insurance Company Limited 001, Trade Plaza, Ground Floor, 414, Veer Sarvarkar Marg, Prabhadevi, Mumbai 400 025.	Mr. Jayant Khosla	Mr. Gorakhnath Agarwal	Tel No.: 022-40976666 Fax No.: 022-40976600
18	IDBI Fortis Life Insurance Company Ltd., Tradeview, Oasis Complex, Kamala City, P.B. Marg, Lower Panel (W), Mumbai-400 013	Mr. G.V. Nageswara Rao	Mr. Michael J Wood	Tel No.: 022-24908109/10 Fax No.: 022-24941016
19	Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. C/o. HSBC at Amsoft Systems, Unitech Trade Centre, Sector-43, Sushant Lok-1, Opp. Park Plaza Hotel, Gurgaon-122 001.	Mr. Harpal S. Karlcut	Mr. Paul Beresford	Tel: 0124– 44215706 Fax: 0124- 4201109
20	AEGON Religare Life Insurance Company Limited. GYS Heights,   2nd Floor, Paranjpe “B” Scheme, Subhash Road, Near Garware House, Vile Parle (E), Mumbai – 400 057	MR. Rajiv Jamkhedkar	Mr. K.S. Gopalakrishnan	Tele No.- 022-67292929  Fax No.- 022 67293333
21	DLF Pramerica Life Insurance Co. Ltd. 6th Floor, DLFGatewayTower, R Block, DLFCity, Phase-III, Gurgaon-122002.   Source: http://www.irda.gov.in         Non-Life Insurers (Data inserted on 23.12.2008)     S.NO  NAME OF THE COMPANY NAME OF THE PRINCIPAL OFFICER  NAME OF THE APPOINTED ACTUARY TELEPHONE NO./FAX No./E-MAIL & WEB ADDRESS 1. Bajaj Allianz General Insurance Co. Ltd. GE Plaza, Airport Road, Yerawada,   Pune411 006. Mr.Swaraj Krishnan Ms. Asha J. Joshi Tel : 020-6602 6666 Fax: 020-6602 6667 2. ICICI Lombard General Insurance Co. Ltd. Zenith House, Keshavrao Khade Marg,Mahalaxmi MUMBAI-400 034. Mr. Sandeep Bakshi Mr. Liyaquat Khan Tel : 022-24906999 Fax: 022-24927624 3. IFFCO Tokio General Insurance Co. Ltd. 4 and 5th Floors, IFFCOTower, Plot No.3, Sector 29, GURGAON-122001 (Haryana) Mr.S. Narayanan Mr. K.K. Wadhwa Tel : 0124-2850100 Fax: 0124-2577923-2577924 4. National Insurance Co.Ltd. 3, Middleton Street, P.B. No. 9229,   KOLKATA 700 071. Mr.V. Ramasaamy Mr. Bhudeb Chatterjee Tel : 033-22831705 to 9 Fax : 033-22831712 5. The New India Assurance Co. Ltd. New India Assurance Bldg. 87, M.G. Road, Fort, Mumbai 400 001. Mr.B. Chakrabarthi Mr.A.R.Prabhu Tel: 022-22674617 - 22, Fax: 022-22652811 Email: cmd. nia@newindia.co.in Web-site: www.newindia.co.in 6. The Oriental Insurance Co. Ltd. A-25/27, Asaf Ali Road New Delhi 110 002. Mr. M. Ramadoss Mr. Yash Paul Sabharwal Tel :011-23279221-25 Direct:23265024 Fax: 23287192,23287193, 23283971 7. Reliance General Insurance Co. Ltd. 570, Naigaum Cross Road , Next to Royal Industrial Estate, Wadala(West), MUMBAI – 400 031   Mr. K. A. Somasekaran Mr.Gopalakrishna Pai Tel.No.022-30479602 Board no:022-30479600 Fax. No.022-330479650 8. Royal Sundaram Alliance Insurance Co. Ltd "SundaramTowers" 45-46, Whites Road, Royapetah CHENNAI-600 014. Mr. Ajay Singh Bimbhet Mr.O.Lakshminarayana Tel: 044-42227373 Fax: 044-28517376 Email:ajay.bimbhet@in.royalsun.com Web-site: ww.royalsundaram.com 9. Tata AIG General Insurance Co. Ltd. Peninsula Corporate Park, NicholasPiramalTower, 9th Floor Ganpatrao Kadam Marg Lower Parel MUMBAI 400 013. Mr. Gaurav Garg Mr.K.Hanumanth Rao Tel : 022-66699696 Fax: 022-56546464 Email: gaurav.garg@tata-aig.com Web-site: www.tata-aiggeneral.com 10. United India Insurance Co. Ltd. 24, Whites Road CHENNAI – 600 014. Mr. G. Srinivasan Mr.S.Krishnan Tel : 044-28520161 Fax : 044-28523825 11. Cholamandalam MS General Insurance Co. Ltd. "Dare House" 2nd Floor, New No.2 (Old No. 234) N.S.C. Bose Road, Chennai - 600 001 Mr. S. S. Gopalarathnam   Mr.K. P. Sharma Tel : 044-42166000 Fax : 044-42166001 12. HDFC ERGO General Insurance Co. Ltd. 6th Floor, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai - 400 059. Mr. Ritesh Kumar Mr. Narayanan Laksmanan Tel  : 022-6638 3600 Fax : 022-6638 3699 13. Export Credit Guarantee Corporation of India Ltd. 10th Floor, ExpressTowers, Nariman Point, Mumbai – 400021 Sri A.V. Muralidharan   Tel  : 022-56590512-515 Fax : 022-56590517         022-56590530 14. Agriculture Insurance Co. of India Ltd. 13th Floor, 14 K.G. Marg, Connaught Place, New Delhi - 110001 Mr. M. Parshad Mr. S. Chidambaram Tel  :011-41081991-4, Fax : 011-41081995 Email: aicho@aicofindia.org Web-site: www.aicofindia.org 15. Star Health and Allied Insurance Company Limited No.1, New Tank Street, Vlluvarkottam High Road, Nungambakkam, Chennai - 600 034 Mr. V. Jagannathan Mr. R. Soundararajan Tel  :044-28260053, Fax :044-28260062   16. Apollo DKV Insurance Company Limited Masterpiece Building Golf Course Road, Sector-54 Gurgaon 122002 Haryana, India Dr. Axel Munaretto Mr. Gautam Kakar Tel No: +91-124-4584100 17. Future Generali India Insurance Company Limited 001, Trade Plaza, Ground Floor, 414, Veer Sarvarkar Marg, Prabhadevi, Mumbai 400 025 Mr. Deepak Sood Mr. Biresh Giri Telephone No.: +91-22-4097-6666 Fax No.: +91-22-40976868 18 Universal Sompo General Insurance Co. Ltd.  310-311, Trade Centre, Opp. MTNL Building, Bandra Kurla Complex, Bandra(E) Mumbai-400 051. Mr. O.N. Singh   Mr. Varadarajan Govindan Tele. No.- 022-4028 7777  Fax No.-022-4028 7781 19 Shriram General Insurance Company Limited, Greams Dugar, 5th Floor, No.-149,Greams Road, Chennai-600 006    Mr. P A Balasubramanian   Tele. No.- 0141-3220896, 898, 900, 902  Fax No.-0141-2770426 20 Bharti AXA General Insurance Company Limited RMZ Infinity, Tower B, II Floor, Old Madras Road, Bangalore - 560016   Mr Milind Chalisgaonkar   Mr M Venkatesan   Phone no:080-40260100   Fax. No 080-40260101 www.bharti-axagi.co.in           Source: http://www.irda.gov.in	Mr. Kapil Mehta (CEO)	Mr. Pradeep Kumar Thapliyal	Ph. No.- 91-124-271700 Fax No.- 91-124-2717200

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