This Exam Covers the Following Topics

1. Definition of Insurance: Basic understanding of insurance in economic terms and familiar terms, covering both life and non-life (general) segments.
2. Life Insurance Corporation of India (LIC):
   • Establishment and nationalization of LIC in 1956.
   • Objectives behind nationalization: social security and mobilization of savings.
   • Role as an investment institution and major investor in government securities.
3. General Insurance Corporation of India (GIC):
   • Nationalization of general insurance companies and formation of GIC in 1972.
   • Reforms in GIC, including its designation as the Indian reinsurer and changes in its holding company status.
4. Insurance Reforms in India:
   • Insurance Reforms Committee (Malhotra Committee) recommendations in 1993.
   • Major reforms suggested: opening the sector to private players, restructuring LIC and GIC, setting up the Insurance Regulatory and Development Authority (IRDA).
5. Insurance Regulatory and Development Authority (IRDA):
   • Establishment in 2000 as the regulatory authority for the insurance sector.
   • Role in regulation, development, and supervision of the insurance industry in India.
6. Public and Private Sector Insurance Companies:
   • The structure of the insurance market: life segment (LIC and private players), non-life segment (public and private insurers), and agricultural insurance.
   • Market share dynamics between public and private insurers.
7. Agricultural Insurance Company of India Ltd. (AICIL):
   • Establishment in 2002 to manage the National Agricultural Insurance Schemes (NAIS).
   • Role in providing agricultural insurance.
8. Reinsurance in India:
   • Concept and importance of reinsurance in the insurance sector.
   • Role of GIC as the sole reinsurance company in India.
9. Deposit Insurance and Credit Guarantee Corporation (DICGC):
   • Formation by merging the Deposit Insurance Corporation and Credit Guarantee Corporation in 1978.
   • Role in protecting depositors and ensuring financial stability.
10. Export Credit Guarantee Corporation (ECGC):
    • Role in providing credit insurance for exports to cover political and commercial risks.
11. National Export Insurance Account (NEIA):
    • Establishment in 2006 to support medium and long-term export projects and facilitate ECGC’s services.
12. Rural Insurance Coverage:
    • Insurance coverage statistics in rural areas for life and non-life segments.
    • Challenges and opportunities for expanding rural insurance.

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