2014 was new hope with zest for private insurers with a new central government led by the Bharatiya Janata Party

Select Committee Council of States, led by BJP members Chandan Mitra recommended so.

There are 24 life and 28 non-life companies in India, and some of them are run by foreign promoters with only 26 percent.

In addition, the proposed law the central government motor vehicle after its adoption, it would be useful to non-life insurers, as will be safer cars, drivers and roads.

"It was a year of legislative and regulatory actions, although the two main accounts. - Insurance Laws (Amendment) Bill and road transport and the bill on security - was not adopted, the steps taken in the right direction," general insurance of India general secretary R. Chandrasekaran told IANS.

He said the Insurance Regulatory-Development Authority (IRDA) and issued an advisory on adequate pricing of property and group health insurance policies.

Insurance Information Bureau (IIB) is expected to come with standard rates based on industry data.

Year marked upward revision auto insurance premium and licensing IRDA health insurance TPA India - general requirements for the processing agency for four state-owned non-life insurance.

Meanwhile, the competition commission of India (CCI) ordered probe against the Director General of General Insurers' (public sector) Association of India (Ģipša) and other public sector non-life insurance for alleged anti-competitive practices.

Fair trade regulator also said that the movement of public non-life insurers was against the prevailing international practice to keep the processing of applications for independent news agency of insurance companies.

On the life insurance side, players launched new products in line with the new rules, although the overall growth was negative in the region throughout the year.

"However, the launch of new products have been stymied through IrDA decision on approval of only five products for the insurer in the year," said a senior official with the insurance company IANS, preferring anonymity.

The same year the central government to levy a tax deduction at source of some two percent of claims.

To increase the number of intermediaries IRDA came out with its draft rules of insurance marketing firms (IMF) and the Committee proposed several corporate Agencies (ICA).

In addition, the Pension Fund Regulatory-Development Authority (PFRDA) completes different rules after notification law the Pension Fund Regulation and Development Authority in February.

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