ECONOMIC ORGANISATIONS

INSURANCE REGULATORY AUTHORITY:
On the recommendations of the Malhotra Committee, Government has set up an interim Insurance Regulatory Authority (IRA), with a view to activate an insurance regulatory apparatus essential for proper monitoring and control of the insurance industry. The IRA is headed by a Chairman who is also Controller of Insurance and Chairman of TBC. The other Members of the IRA, not exceeding seven in number of whom not more than three shall serve full time, shall be nominated by the Central government.

GENERAL INSURANCE CORPORATION OF INDIA:  
The general insurance industry in India was nationalised and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalisation, were grouped into four operating companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company Finance Limited; and (iv) United India Insurance Company Limited.

LIFE INSURANCE CORPORATION OF INDIA:
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise people’s savings for nation-building activities. The life insurance Corporation of India (LIC) with its central office in Mumbai and 7 zonal offices at Mumbai, Kolkata, Delhi, Chennai, Hyderabad, Kanpur and Bhopal operates through 106 divisional offices including one salary savings scheme Divsion at Mumbai 2,048 branch offices and 323 Satellite offices. As on 31st March 2006, LIC has 10,52,283 agents spread all over the country. For the year ended 31st March 2008, business under group schemes, both new and renewed, was to the tune of Rs.3,06,711.77 crore providing cover to 494.83 lakh lives during the preceding year.

INVESTMENT COMMISSION:

The Finance Minister  has announced in the budget speech 2004-05 for setting up an investment in India attractive for investors. Accordingly, Investment Commission has since been set up in December 2004. The commission will have the authority of government to engage, discuss with and invite domestic and foreign business to invest in India. 

Industrial Development Bank of India (IDBI):

Industrial Development Bank of India (IDBI), established under the Industrial Development Bank of India Act, 1964, is the principal financial institution for providing credit and other facilities for development of industry, coordinating working of institutions engaged in financing, promoting or developing industries and assisting the development of such institutions. IDBI has been providing direct financial assistance to large industrial concerns and also helping small and medium industrial concerns through banks and state-level financial institutions. The IDBI was transformed into IDBI Ltd. On 1 October 2004, a company under the companies Act, 1956 and a schedule Bank (on 11 October 2004) under the RBI Act) 1934.

Industrial Credit and Investment Corporation of India Limited (ICICI):

Industrial Credit and Investment Corporation of India Limited (ICICI) was established in 1955 as public limited company to encourage and assist industrial units in the country. Its objectives, inter alia, include providing assistance in the creation, expansion and modernisation of industrial enterprises, encouraging and promoting participation of private capital both internal and external, in such enterprises, encouraging and promoting industrial development and helping development of capital markets.It provides term loans in Indian and foreign currencies, underwrites issues of shares and debentures, makes direct subscriptions to these issues and guarantees payment of credit made by others.