Insurance Governing Bodies

Insurance Governing Bodies

The Governing Body of Insurance Council (GBIC) has been established under the Redressal of Public Grievances Rules 1998, to set-up and facilitates the Institution of Insurance Ombudsman in India.

The Governing Body of Insurance Council consists of one representative each from all insurance companies; the representative is required to be either the Chairman or Managing Director or a Director of the company represented.

IRDA

History: General Insurance in India started with the foundation of Triton Insurance Company Ltd. in Calcutta in 1850 by the British. In 1907, the Indian Mercantile Insurance Ltd, was established. This was the first company to manage all classes of general insurance business. In 1957 the General Insurance Council was established; it was a wing of the Insurance Association of India. The General Insurance Council laid a particular code of conduct for fair conduct and sound business practices.

General overview: In 1968, the Insurance Act was altered to control investments and set minimum solvency margins. In 1972 when the General Insurance Business (Nationalisation) Act was passed, general insurance business was nationalized from 1st January, 1973. 107 insurers were merged and grouped into four companies: National Insurance Company Ltd., the Oriental Insurance Company Ltd, the New India Assurance Company Ltd., and the United India Insurance Company Ltd. The General Insurance Corporation of India was established in 1971 and it started business on January 1st 1973. The IRDA was established as a constitutional body in April 2000. The main purpose of the IRDA includes encouragement of competition so as to improve customer satisfaction through increased consumer option and lower premiums, whilst warranting the financial security of the insurance market. The IRDA opened up the market in August 2000, and foreign companies were sanctioned ownership of up to 26%.

Contact

Addresses of Offices of IRDA
Head Office:
Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh Hyderabad 500004
Andhra Pradesh (INDIA)
Ph: (040)-23381100
Fax: (040)-66823334

Delhi Office:
Insurance Regulatory and Development Authority
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001
Ph: (011) -23747648
Fax: (011)-23743397

General Insurance Council

History: The General Insurance Council is a constitutional body under the Indian Insurance Act 1938.

As per the Section 64 C of Part II-A of the Indian Insurance Act 1938, there shall be two Councils of the Insurance Association of India: The Life Insurance Council and associate members of the Association, and The General Insurance Council consisting of all the members and associate members of the Association. At present, there are 22 members of the General Insurance Council of India.

General overview: GI Council membership is extended by invitation to all insurance companies licensed to underwrite non-life insurance business of any class in India. The General Insurance Council stands for the combined interests of the Non-life Insurance companies in India. The Council takes care of the issues of common interest; helps to enlighten and contribute in discussions associated with policy formation; and work as an advocate for high standards of customer service in the insurance industry.

Contact:

GENERAL INSURANCE COUNCIL
5th Floor, Royal Insurance Building,
14, Jamshedji TATA Road,
Churchgate – Mumbai 400020,
India
Tel: +91 22 22817511 / 12
Fax: +91 22 22817515
Website- http://www.gicouncil.in
E-mail: gicouncil@gicouncil.in