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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
The Equitable Life Assurance Society, founded in 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age-based premiums based on mortality rate, laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based". After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020.
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859. Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.
The Niger Delta Development Commission (NDDC) is a federal government agency established by former Nigerian president Olusegun Obasanjo in the year 2000, with the sole mandate of developing the oil-rich Niger Delta region of Nigeria. In September 2008, President Umaru Yar'Adua announced the formation of a Niger Delta Ministry, with the Niger Delta Development Commission to become a parastatal under the ministry. One of the core mandates of the commission is to train and educate the youths of the oil rich Niger Delta regions to curb hostilities and militancy, while developing key infrastructure to promote economic diversification and productivity.
MIB Group, Inc. or MIB is a membership corporation owned by approximately 430 member insurance companies in the United States and Canada. Formed in 1902 and based in Braintree, Massachusetts, MIB provides services designed to protect insurers, policyholders, and applicants from attempts to conceal or omit information material to underwriting life & health insurance.
Agriculture Insurance Company of India Limited (AIC) is an Indian public sector undertaking headquartered in New Delhi. It is a government-owned agricultural insurer under ownership of the Ministry of Finance, Government of India.
Legal protection insurance (LPI), also known as legal expenses insurance (LEI) or simply legal insurance, is a particular class of insurance which facilitates access to law and justice by providing legal advice and covering the legal costs of a dispute, regardless of whether the case is brought by or against the policyholder. Depending on the national rules, legal protection insurers can also represent the policyholder out-of-court or even in-court.
Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors. A captive insurance company helps its sponsors establish regular cash flow for their risks and offers them a direct choice of reinsurance. It also provides a tax benefit, since insurance premiums are a deductible business expense while directly held reserves are not.
A with-profits policy (Commonwealth) or participating policy (U.S.) is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its with-profits product line. Similar arrangements are found in other countries such as those in continental Europe.
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed by statutory law enacted by the state legislatures. However, federal law, court decisions and administrative adjudications also play an important role.
Property and casualty insurance guaranty funds are part of the property and casualty guaranty fund system, a non-profit, state-based, statutorily-created insurance consumer protection system that protects policyholders if an insurer goes bankrupt.
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
Insurance Development and Regulatory Authority of Bangladesh (IDRA) is the only government body for regulating and developing the insurance sector of Bangladesh since 2010.
United India Insurance Company Limited (UIICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Chennai, Tamil Nadu, the company has 30 regional offices and more than 1,400 operating offices nationwide, including 511 micro offices, as of 31 March 2023. It also had underwriting operations in Hong Kong that ceased effective 1 April 2002, following which the New India Assurance Company Limited, Hong Kong, has taken over the run-off portfolio. This foreign operation had three outstanding claims as of 31 March 2023. The company was incorporated on 18 February 1938 and nationalized in 1972. The Company recorded a gross direct premium income of ₹17,644 in the financial year 2022-23, registering a growth of 12.23% over the previous year.
Leadway Group, also known as Leadway, is a non-banking financial services group of companies headquartered in Lagos, Nigeria. Its flagship company Leadway Assurance Company Ltd, was established in 1970, and has grown to become one of Nigeria's largest insurance firms, recognized for its significant market presence and comprehensive range of insurance products and services. Leadway provides a variety of insurance offerings, including commercial and personal property and casualty insurance, travel insurance, and life insurance.
The Insurers Committee is a body consisting of the National Insurance Commission (NAICOM) and chief executive officers of all underwriting Insurance companies in Nigeria. The Committee operates under a mandate to activate the industry's change agenda, and strategically reposition the Insurance industry. The Committee was inaugurated on 19 November 2015, by the then-Minister of Finance Kemi Adeosun.
Nepal Beema Pradhikaran (Nepal Insurance Authority) (Nepali:नेपाल बीमा प्राधिकरण) serves as the exclusive regulatory body tasked with structuring, overseeing, inspecting, and supervising the insurance industry in Nepal which is operating under the Ministry of Finance. The authority is Established as an autonomous institution under Section 3 of the Insurance Act, 2079 BS, the Authority holds a distinct legal status with perpetual succession. Its primary mandate is to foster a fair, competitive, reliable, and credible insurance market within Nepal. Additionally, the Authority is committed to protecting policyholders’ rights and interests through robust regulatory measures. To accomplish these goals, the Authority actively collaborates with national regulatory bodies, the private sector, relevant stakeholders, international organizations, and foreign counterparts. In addition, the Authority is founding member of the International Association of Insurance Supervisors.
The Universal Basic Education Commission simply known as UBEC is a Nigeria's Federal government Agency that has the mandate to formulate and coordinate all programmes of the Universal Basic Education programme prescribe the minimum standards for basic education in Nigeria. The Universal Basic Education Commission (UBEC) was established by the Compulsory, Free Universal Basic Education and Other Related Matters Act of 2004 to eradicate illiteracy, ignorance and poverty as well as to stimulate and accelerate national development, political consciousness and national integration to fulfil the national philosophy and goals of education which underlines with the country’s aspiration to social, economic and political development.
Post Assurance Brokers Limited, also known as Post Assurance Brokers, is a Nigerian insurance company established in 1985, and headquartered in Lagos, Nigeria. The service of Post Assurance brokers ranges from commercial to personal insurance and risk management. The company was licensed, and is regulated by the National Insurance Commission (NAICOM).
References
- ↑ Khaliq, Zaka (2024-11-29). "Prioritise Adequate Capitalisation For Financial Stability, NAICOM Task Insurers" . Retrieved 2024-12-01.
- ↑ Nation, The (2024-11-27). "NAICOM, NDPC move to safeguard personal data of insurance policy holders". The Nation Newspaper. Retrieved 2024-12-01.
- ↑ www.naicom.gov.ng https://www.naicom.gov.ng/about . Retrieved 2024-12-01.
{{cite web}}: Missing or empty|title=(help) - ↑ Anaesoronye, Modestus (2024-11-29). "NAICOM grants NPF Insurance Co operational license as general insurer". Businessday NG. Retrieved 2024-12-01.
- ↑ Chioma, Unini (2024-11-30). "NAICOM Issues Operating License To Police Force Insurance Company Amid Industry Concerns". TheNigeriaLawyer. Retrieved 2024-12-01.
- ↑ Abimbola, Oluwakemi (2024-11-27). "NAICOM approves name change for insurance company". Punch Newspapers. Retrieved 2024-12-01.