The setting up of Insurance Regulatory Authority (IRDA) in the year 1999 paved the way for liberalization and privatization of Insurance Sector to private sector.

IRDA has separated out Life, Non Life and Reinsurance business. Therefore a company has to have separate licenses for each line of business.

Recently the limit of Foreign Investment in Insurance Business has been increased from 26% to 49% something that was under discussion for more than a decade. Also global re insurance companies have been able to set up branches in India, something that was not allowed earlier.

Structure of General Insurance:

As of now there are 28 companies in India that carry out the business of General Insurance. The division of these Companies is as follows:

Companies in Public Sector:

As of now there are four General Insurance Companies in Public Sector in India. 

These are as follows:

• National Insurance Company Ltd. 
• New India Assurance Company Limited 
• Oriental Insurance Company Ltd 
• United India Insurance Company Ltd.