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BANKING TRADE AND COMMERCE
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INSURANCE
Life Insurance Corporation.
Prior to the establishment of the Life Insurance Corporation there was very
little development of insurance business in Kolaba district. The Life Insurance
Corporation was officially establish ed on 1st September, 1956 by the Government
of India. From this date all the insurance companies and provident fund
societies ceased to carry on life insurance business in India. Even the
insurance business of the foreign insurers was vested in the Corporation.
General insurance, however, which includes fire, marine, accident, etc., is
still kept open to private enterprise. Most of the companies which had life
insurance business as the main business ceased to exist consequent upon the
nationalisation of life insurance business.
According to the new organisational and administrative set-up of the Life Insurance Corporation, Kolaba district, is placed under the territorial jurisdiction of the Bombay Division of the Western Zone together with Thana district. The total number of agents canvassing insurance business in the district on 31st December, 1956 was 284. This number rose to 318 by 31st December, 1957 and to 464 during the next year, that is, in 1958. Total business proposed and completed during the first year, that is in 1957, amounted to Rs. 19,09,500 and Rs. 16,90,750 respectively. Number of proposals at the same time was 691 while the policies entertained were 619. The progress of business was quite remarkable during the next year. The sum proposed came to Rs. 23,65,250 while the business completed was worth Rs. 16,17,750. The policies proposed and completed during this period were 971 and 686, respectively. The business done, thus, augurs well for the future development in the field of insurance in Kolaba district.
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