Insurance Brokers

As on date (9th June 2008), there are more than 375 Insurance Broker registered with IRDA. Insurance Brokers are of 3 types:

• Direct
• Re-insurer
• Composite

Insurance Agent & Insurance Broker

An 'Insurance Agent' is a representative of an Insurance Company (either Life or General or both) and can represent only a single Insurance company. An Insurance Agent receives remuneration my way of commissions he / she earns on the policies of the Insurance Company he represents.
An 'Insurance Broker' is allowed to represent multiple Insurance Companies and is allowed to sell insurance products of multiple companies.
An Insurance Broker has the advantage of being able to compare similar products across multiple Insurance companies and offer a 'best-fit' product to the end customer.

Private Companies in the Insurance Market in India

As on date, (9th June 2008), there are 16 private Life Insurance companies and 12 private General Insurance companies. For latest information: http://www.irdaindia.org/

There is 1 Public Sector Insurance Company (Life Insurance Corporation of India) and 1 Public Sector General Insurance Company (General Insurance Company). General Insurance Company used to have 4 subsidiaries :

• The Oriental Insurance Company Limited
• The New India Assurance Company Limited
• National Insurance Company Limited
• United India Insurance Company Limited

All these 4 subsidiaries are now de-linked (wef December 2000) and act as independent companies.

IRDA

The insurance industry in India is regulated by the 'Insurance Regulatory and Development Authority' (IRDA). IRDA was constituted by an act of Parliament and the is a ten member team consisting of
- Chairman
- 5 whole time members
- 4 part-time members

For more details:- http://www.irdaindia.org/