BANKING TRADE AND COMMERCE

INSURANCE

The history of insurance in India dates back to 1870 when a number of private insurance companies carried on life and general insurance work. But the business carried on by them was very small and the idea about social security was not much developed. The business began to show marked progress only after it was nationalised. With nationalisation, the Life Insurance Corporation became the sole agency for carrying out life insurance business in India. The Life Insurance Corporation was established on 1st September, 1956, under a special ordinance (later converted into an Act), which transferred the management and control over the life insurance business in India to Central Government. This business included the foreign business of Indian insurers and the Indian business of foreign insurers. The general insurance including fire, marine, accident, etc., was, initially kept open to private enterprise. It was however nationalised from 1972.

Under the new organisational and administrative set-up of the Corporation, Wardha district comes under the territorial jurisdiction of the Nagpur division of the western zone.

Since nationalisation the life insurance business in Wardha has increased considerably. By the end of 1968 there were 143 agents doing • the insurance work. The following table gives the statistics of insurance business from 1961-62 to 1966-67 in Wardha district.

TABLE No. 18

LIFE INSURANCE STATISTICS IN WARDHA DISTRICT

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