Prepare for the IRDAI Exam to become an Insurance Agent, Financial Consultant (FC), or Financial Advisor by reading this article (No. 1). Updated on January 24, 2026:
**Origins of Insurance:** The concept of insurance began at Lloyd’s Coffee House in London. The first life insurance company in the world was the Amicable Society for Perpetual Assurance, established in 1706 . **Insurance History in India:** Oriental Life Insurance Co. Ltd - 1818 Triton Insurance Co. Ltd - 1850 Bombay Mutual Assurance Society Ltd National Insurance Company Ltd Insurance Act - 1938 Nationalisation of Life Insurance - 1956, leading to the formation of the Life Insurance Corporation of India (LIC) on September 1, 1956. General Insurance Business Nationalisation Act (GIBNA) - 1972 marked the nationalisation of general insurance. The Insurance Regulatory & Development Authority of India (IRDA) was established in 1999 and came into effect in April 2000; it was later renamed IRDAI in 2004. The insurance ways of reducing the burden: Insurance reduces the burden in two main ways: 1. **Primary Risk of Burden** 2. **Secondary Risk of Burden:** Setting aside reserv...