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FINANCE
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AGENCIES DOING INSURANCE BUSINESS
With the nationalisation of life insurance business, the Life Insurance Corporation of India became the foremost and the largest single agency doing life insurance business in India. The corporation was constituted by passing the Life Insurance Corporation Act of 1956 and was officially established on 1st September, 1956, by the Government of India. From this date, all Indian insurers and provident societies as also all foreign insurers ceased to carry on life insurance business anywhere in India. However, general insurance which includes fire, marine, accident and other insurance business is kept open to private enterprise. Most of the former insurance companies and societies which used to transact all insurance business including life, have now switched over
entirely to general insurance business. Others which had life insurance as their main business have ceased to exist consequent upon the nationalisation of life insurance business.
Working of the Life Insurance Corporation in the District.
Under the new organisational and administrative set-up of
the corporation, Kolhapur district is placed under the territorial
Jurisdiction of Satara Division of the Western Zone together
with the districts of North Satara, South Satara, Sholapur,
Ratnagiri and Osmanabad. The corporation has its only
branch-office in the district at Kolhapur and it covers the
territory of Kolhapur and Ratnagiri districts. The total
business proposed and completed during September 1st, 1956
to August 31st, 1957, amounted to Rs. 80,73,800 and Rs. 52,69,750
respectively. |
