Professional Documents
Culture Documents
Insurance
Insurance
• To provide security
• Old age pension
• As an investment or saving mechanism
• As a collateral for loans
• For tax benefits
Evolution
• Insurance in india has its history dating back till 1818, when
Oriental Life Insurance Company was stated by Europeans.
• The oldest existing insurance company in India is National
Insurance Company Ltd, which was founded in 1906 and is
doing business even today.
• In the recent year when the Govt. of India in 1999 opened up
the insurance sector by allowing private insurance companies
to work in the market by depositing 100 crores rupees in the
reserve of government and allowing FDI up to 26 %
• This has encourage many overseas insurance companies,
having a required amount in their reserve, to open their branch
in our country.
Insurance companies
Part II: Disclosures forming part of Financial Part II: Disclosures forming part of Financial
Statements Statement
Part III: General Instructions for Part III: General Instructions for
preparation of financial statements preparation of financial statements.
Part IV: Contents of Management Report Part IV: Contents of Management Report