As a part of the reforms introduced in the financial sector in India, the Insurance Regulatory and Development Authority (IRDA) Act 1999 was promulgated by the Government of India paving way for the entry of private insurance operators, thus breaking the monopoly of the state owned insurance organizations. Prior to this enactment, Insurance Agents were representing the Insurance Companies while catering to the needs of the Clients.
Insurance Scenario
As a part of the reforms introduced in the financial sector in India, the Insurance Regulatory and Development Authority (IRDA) Act 1999 was promulgated by the Government of India paving way for the entry of private insurance operators, thus breaking the monopoly of the state owned insurance organizations. Prior to this enactment, Insurance Agents were representing the Insurance Companies while catering to the needs of the Clients.