Evolution and Regulatory Framework of Life Insurance Companies in India: A Conceptual Review

Shib Pada Patra (), Siddhartha Sankar Saha () and Mitrendu Narayan Roy ()
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Shib Pada Patra: Chittaranjan College
Siddhartha Sankar Saha: University of Calcutta
Mitrendu Narayan Roy: Goenka College of Commerce and Business Administration

Chapter Chapter 2 in Investment Pattern of LICI and Select Private LICs in the Post-reforms Era in India, 2022, pp 19-68 from Springer

Abstract: Abstract The main objective of this chapter is to conceptually review (a) the evolution of the life insurance industry in different parts of the world and India especially in the pre- and post-independence era; (b) current structure of life insurance industry operating in India; and (c) regulatory framework governing life insurance business in the pre- and post-independence era with special emphasis on regulatory framework governing portfolio investments of life insurance companies. Before independence, Indian life insurance industry was dominated by mainly British life insurance companies and the applicable regulations were made keeping in view their interest. After India’s independence, nationalisation of the LICI by bringing together numerous small insurance companies was a significant event in India’s life insurance history. After financial sector reforms, private participation, technology up-gradation, numerous products and after sale service have enhanced the efficiency of the life insurance sector. The entire life insurance sector was brought under the ambit of the IRDAI. The IRDAI has also regulated the total fund of the life insurance companies into three segments, like life fund, pension and annuity fund, and ULIP fund. In the pre-reform era, investments were made in Government and approved securities, while it has been extended to infrastructure and social sectors in the post-reform era.

Keywords: Evolution of LICs; Overview of life insurance sector; Regulatory framework; IRDAI; Insurance sector reforms (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-2799-7_2

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DOI: 10.1007/978-981-19-2799-7_2

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