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.
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Famous quotes containing the words insurance and/or india:
“In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.””
—Emma Goldman (1869–1940)
“There exists no politician in India daring enough to attempt to explain to the masses that cows can be eaten.”
—Indira Gandhi (1917–1984)