Insurance sector in India is one of the booming sectors of the economy
and is growing at the rate of 15-20 per cent annum. Together with
banking services, it contributes to about 7 per cent to the country's
GDP. Insurance is a federal subject in India and Insurance industry in
India is governed by Insurance Act, 1938, the Life Insurance Corporation
Act, 1956 and General Insurance Business (Nationalisation) Act, 1972,
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and
other related Acts.
