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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 75 / 228

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75 / 228

Banks

Others*

Private Total

0.48

12.36

0.65

2.59

83.92

100.00

0.05

LIC #

10.11

0.44

0.16

0.06

89.22

100.00

-

Industry Total

7.68

3.46

0.29

0.70

87.88

100.00

0.01

*Any entity other than banks but licensed as a corporate agent.

  • #

    Does not include its overseas new business premium.

Note: 1) New business premium includes first year premium and single premium. 2) The leads obtained through referral arrangements have been included in the respective channels.

ANNUAL REPORT 2007-08

Life Insurer

TABLE 49

GROUP NEW BUSINESS PREMIUM OF LIFE INSURERS FOR 2007-08 CHANNEL WISE (Figures In per cent)

Individual Agents

Corporate Agents

Referrals

Brokers

Direct Selling

Total

However. LIC, which used to handle entire group insurance business directly by itself, has changed its strategy. For the year 2007-08, LIC has done 10.11 per cent of the group insurance business through its traditional individual agency

channel, while another 0.66 per cent of the group insurance business has come from other channels such as corporate agents and brokers.

As far as private insurers are concerned, there was not much change. During the year 2007-08, these companies carried out around 84 per cent of the group insurance business through direct selling and another 12.36 per cent of the business through bancassurance mode. (It was 85 per cent and 13.36 per cent, respectively, for the year 2006-07).

Surveyors and Loss Assessors

The Authority issues licenses to surveyors and loss assessors in terms of Section 64UM of the Insurance Act, 1938. An individual, a company or a firm wanting to act as surveyors and loss assessors has to make an application to the Authority

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