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FINANCE |
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AGENCIES DOING INSURANCE BUSINESS
With the nationalisation of life insurance business,
the Life Insurance Corporation of India became the foremost and the
largest single agency doing life insurance business in India. The
corporation was constituted by passing the Life Insurance
Corporation Act of 1956 and was officially established on 1st
September, 1956, by the Government of India. From this date, all
Indian insurers and provident societies as also all foreign insurers
ceased to carry on life insurance business anywhere in India.
However, general insurance which includes fire, marine, accident and
other insurance business is kept open to private enterprise. Most of
the former insurance companies and societies which used to transact
all insurance business including life, have now switched over
entirely to general insurance business. Others which had life
insurance as their main business have ceased to exist consequent
upon the nationalisation of life insurance business.
Working of the Life Insurance Corporation in the
District.
Under the new organisational and administrative
set-up of the corporation, Kolhapur district is placed under the
territorial Jurisdiction of Satara Division of the Western Zone
together with the districts of North Satara, South Satara, Sholapur,
Ratnagiri and Osmanabad. The corporation has its only branch-office
in the district at Kolhapur and it covers the territory of Kolhapur
and Ratnagiri districts. The total business proposed and completed
during September 1st, 1956 to August 31st, 1957, amounted to Rs.
80,73,800 and Rs. 52,69,750 respectively. | 
