<P> Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations . It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government . </P> <P> The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment . India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014 . Since the privatisation in 2001, the largest life - insurance company in India, Life Insurance Corporation of India has seen its market share slowly slipping to private giants like HDFC Life Insurance, Exide Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance Company . </P> <P> Insurance in its current form has its history dating back to 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community . The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter . In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer . </P> <P> At the dawn of the twentieth century, many insurance companies were founded . In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business . The Life Insurance Companies Act, 1912 made it necessary that the premium - rate tables and periodical valuations of companies should be certified by an actuary . However, the disparity still existed as discrimination between Indian and foreign companies . The oldest existing insurance company in India is the National Insurance Company, which was founded in 1906, and is still in business . </P>

1818 first european life insurance company in kolkata