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FINANCE
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INSURANCE
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Being an economically backward tract, Ratnagiri made but little progress in the field of insurance till 1956, when insurance business was nationalised. With nationalisation, the Life Insurance Corporation of India became the foremost and largest single agency doing life insurance business in India. Life Insurance Corporation was established on 1st September 1956 from which date all India insurances and provident societies and all foreign insurers ceased to carry on life insurance business in India. The general insurance, however, which includes fire, marine, accident and other insurance business is kept open to private enterprise.
Under the new organisational and administrative set-up of the Life Insurance Corporation Ratnagiri district is placed under the territorial jurisdiction of Satara Division of the Western Zone, The total number of agents in the branch on 31st December 1956 was 524. It increased by December, 1957 to 633, but fell again to 398 by the
end of the next year. The total business proposed and completed was as follows. The total number of proposals were 340 but the actual number of policies issued during the period ranging from 1st September 1957 to 31st December 1958 was 175. Similarly while the sum proposed to be assured was Rs. 565,450, the amount actually assured was Rs. 230,950. In the next year the size of business completed was fairly large. The number of policies in force was 2,591, while the sum assured was Rs. 58,45,700. In 1958, 2,595 policies were issued against 3,006 proposed, and the sum assured was Rs. 54,33,550 against the sum of Rs. 62,90,300 which was proposed.
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