1. Life Insurance came to India from England in the year 1818.
2. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.
3. In the year 1928 the Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
4. On 19th of January, 1956, that life insurance in India was nationalized.
5. The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.
6. At present there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country.
7. The institution of Insurance Ombudsman was created by a Government of India Notification dated 11th November, 1998 with the purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those grievances.
8. FDI allowed in Insurance sector is 49%.
9. Insurance regulatory and development authority (IRDA) is the regulatory body of Insurance sector In India.
10. The IRDA was incorporated as a statutory body in April, 2000.
11. The head office of IRDA is in Hyderabad it is shifted from Delhi in 2001.
12. Mr. T.S. Vijayan is the chairman of IRDA.
13. Mr. D.K.Mehrotra is the chairman of LIC.
14. LIC headquarter is in Mumbai.
15. At present LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the corporate office.