Insurance in India
http://dbpedia.org/resource/Insurance_in_India an entity of type: Thing
Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.
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Insurance in India
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Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, and further increased to 74% in May 2021. Since the privatisation in 2001, the largest life-insurance company in India, Life Insurance Corporation of India has held a monopoly until up to date but its market share slowly slipping to private giants like HDFC Life, ICICI Prudential Life Insurance, General Insurance Corporation of India and Exide Life Insurance.
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