(a) the number cf private insurance companies functioning in the country;
(b) whether the Crovernrnent has undertaken any evaluation of functioning of these
companies; and
(c) if so, the details thereof?
(a) the number cf private insurance companies functioning in the country;
(b) whether the Crovernrnent has undertaken any evaluation of functioning of these
companies; and
(c) if so, the details thereof?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) As reported by the Insurance Regulatory & Development Authority (IRDA), there are,
as on date, 24 private players in the insurance: sector of the country of which 15 are in
life sector and 9 in the non-life sector.
(b) & (c) IRDA has reported that it has been constantly reviewing and monitoring the
functioning of insurance companies in terms of the provisions contained in Insurance
Act, 1938, various regulations notified by the Authority and circulars issued from time to
time. In addition, it has also been undertaking on site inspections of insurance companies
in respect of specific areas of operations.