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

In: Investment Pattern of LICI and Select Private LICs in the Post-reforms Era in India

Author

Listed:
  • Shib Pada Patra

    (Chittaranjan College)

  • Siddhartha Sankar Saha

    (University of Calcutta)

  • Mitrendu Narayan Roy

    (Goenka College of Commerce and Business Administration)

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.

Suggested Citation

  • Shib Pada Patra & Siddhartha Sankar Saha & Mitrendu Narayan Roy, 2022. "Evolution and Regulatory Framework of Life Insurance Companies in India: A Conceptual Review," Springer Books, in: Investment Pattern of LICI and Select Private LICs in the Post-reforms Era in India, chapter 0, pages 19-68, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-2799-7_2
    DOI: 10.1007/978-981-19-2799-7_2
    as

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