MANAGEMENT

Detailed explanation-1: -The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely nationalised on 19 January 1956, through the Life Insurance Corporation Act.

Detailed explanation-2: -The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business.

Detailed explanation-3: -The Insurance Act, 1938 is the principal Act governing the Insurance sector in India.

Detailed explanation-4: -1914 In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies.

Detailed explanation-5: -The life business began in 1818 in Calcutta with the establishment of Oriental Life Insurance Company. The first non-life insurance company was not set up until 32 years later. Its name was Triton Insurance, a company founded by some British in Calcutta.