The history of
insurance in India can be divided into there phases
Ø The first phase (pre-liberalization) was
dominated by private and foreign insurance companies before the government
nationalized the sector in 1986.
Ø In the second phase (liberalization) reforms were
initiated and IRDA set up as the regulator of the insurance sector. Private
participation was invited and also FDI.
Ø In the third phase (post-liberalization) many private
companies started insurance operations with a foreign partner in joint
ventures. Currently there are 23 life insurance companies operating in
India .
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