Obligations Of Rural Insurance In India
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Transcript of Obligations Of Rural Insurance In India
8/8/2019 Obligations Of Rural Insurance In India
http://slidepdf.com/reader/full/obligations-of-rural-insurance-in-india 1/13
BYRANJIT BEPARI
8/8/2019 Obligations Of Rural Insurance In India
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Under these provision section 32B and
32C of insurance Act 1938 provides that,
every insurer have to do certainpercentage of life insurance and general
insurance business in the rural or social
sector, as may be specified by theInsurance Regulatory & Development
Authority.
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The underwrite the business in the
rural sector, to the extent of at least2% of the total gross premium in the1st Financial Year, at least 3% of the
gross premium in the 2nd
FinancialYears and 5% of the gross premiumin the 3rd and further Financial
Years. The obligations include cropinsurance also.
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In case of existing insurers, the
minimum business is to be decidedby the IRDA in consultation withinsurer.
The Rural sector has been defined asany place, which as per latestcensus, rural area is an area in which
the population is not more than 5000and has a population is not morethan 400 per square kilometer and
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at least 7 5% of the male workingpopulation is engaged in agriculturesector.
Crop insurance is classified under´miscellaneousµ category of generalinsurance field, for which it is
mandatory to keep aside 50% ofpremium as reserve.
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Some of the agriculture insurance Schemes presently available in the country are:
i. Crop insurance
ii. Horticulture/ Plantation insurance
iii. Cattle insurance
iv. Sheep /Goat insurancev. Pig insurance
vi. Poultry insurance
vii. S
ericulture insuranceviii.Apiculture(shrimp / prawn) insurance
ix. Farmers· Packag e insurance
x. Agriculture pump-set insurance
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Organizations transacting Agriculture
Insurance in India:
i. National Insurance Corporation of India
ii. New India Assurance Company Limited
iii. Oriental Insurance Company Limited
iv. United India Insurance CompanyLimited
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With passing of Insurance Regulatory &Development Act (IRDA)-1999, a door has
opened for entry of private insurers. TheLicense for a private insurer was issued duringOctober,2000. Some of the private insurers inthe in the general insurance are:
a. Reliance
b. Tata-AIG
c. Royal Sundaram
d. Iffico-Tokio Marinee. Bajaj-Allianz
f. ICICI-Lombard , etc.
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As per the stipulations and norms ofIRDA, every new insurer in the generalinsurance industry, shall do at least aminimum amount of business in thesocial sector, which includes crop andagriculture sector.