India initiated reforms in the insurance sector with the passage of the Insurance Regulatory and Development Authority Bill by the Parliament in December 1999 and by opening up its insurance market to private competitors by the year 2000. However, the public sector company, Life Insurance...

The insurance sector was opened up for private participation on the ground that the interests of the consumers would be better served if there is competition among the insurers, which will ultimately increase productivity of the sector as a whole. The main objective of this article is to analyze...