IC-38 Insurance Agent Examination 2026 by the Insurance Institute of India (III) and the Insurance Regulatory and Development Authority of India (IRDAI). Prepare for success by reading this article No. 3 (January 2026):
**History of Insurance Industries:** **Modern Concept of Insurance:** The concept began at Lloyd's Coffee House in London, where traders agreed to share losses from maritime risks. The first life insurance company, the Amicable Society for a Perpetual Assurance, was founded in London in 1706. In India, modern insurance began in the early 1800s with foreign companies starting marine insurance. The Oriental Life Insurance Co. Ltd, established in 1818, was the first life insurance company in India, followed by Triton Insurance Co. Ltd as the first non-life insurer. The Bombay Mutual Assurance Society Ltd, formed in 1870, was the first Indian insurance company, while the National Insurance Company Ltd, founded in 1906, is the oldest insurance company in India. **Legislation Milestones:** In 1912, the Life Insurance Companies Act and the Provident Fund Act were enacted. Actuaries play a crucial role in analyzing risks and developing insurance policies. Th...