Question

development of regulatory mechanism

Answer 1

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The insurance regulatory and the development authority is related to the government of India which is been undertaken by the national agency. It is based on the Hyderabad and it was formed from an act of IRDA by Indian parliament. It is one of the successful regulatory mechanisms so far by the "government of India".

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Answer 2

hey mate..

In India, insurance has a very deep-rooted history. Insurance in India has evolved over time heavily drawing from other countries, England in particular. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Kolkata by the British. In 1907, the Indian Mercantile Insurance Ltd., was set up. This was the first company to transact all classes of general insurance business.

In 1968, the Insurance Act was amended to regulate investments and set up minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972, with the passing of the General Insurance Business (Nationalization) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on 1st January, 1973.