LIC carries on life insurance business, the rest is carried on by GIC and its four subsidiaries.
Insurance is a federal subject in India.
Motor Vehicle insurance is compulsory. IRDA Act enables Indian Insurance Companies to transact insurance business in India in a liberalised environment. Insurance Industry has ombudsmen in 12 cities. Each ombudsmen is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsmen Scheme.