Insurance Brokerage in India
Insurance broker became a regulated term under the Insurance Brokers (Registration) Act 1977 which addressed the practices of firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies. The term now has no legal definition following the repeal of the 1977 Act. The sale of general insurance has been regulated by the Financial Services Authority since 14 January 2005. Any person or firm authorised by the Financial Services Authority can now call themselves an insurance broker.
Read more about this topic: Insurance Broker
Famous quotes containing the words insurance and/or india:
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)
“India has 2,000,000 gods, and worships them all. In religion other countries are paupers; India is the only millionaire.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)