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Q3. Explain the reasons that have been responsible for the
privatization of the insurance industry in the country. Identify the
problems and prospects of public insurance enterprises.
Answer. Over the past century, Indian insurance industry has gone through
big changes. It started as a fully private system with no restriction on foreign
participation. After the independence, the industry went to the other extreme.
It became a state-owned monopoly. In 1991, when rapid changes took place in
many parts of the Indian economy, nothing happened to the institutional
structure of insurance: it remained a monopoly. Only in 1999, a new legislation
came into effect
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Q5. Give the important activities of Life Insurance Company. Describe
the important historical milestones in the development of the life
insurance sector in India.
Answer. Important activities of Life Insurance Company:
An important development in the financial markets of several industrial
countries in recent decades has been the growth of long-term institutional
investors and their increasing domination of the capital market. Aided by both
demographic and financial market trends, it seems likely that this development
will continue in the future. However, the nature and the importance of this
change - including the global dimensions of the trend towards
institutionalization - have often
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