ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Nationalisation of Life Insurance in India

Nationalisation of Life Insurance in India Kamal Nayan Kabra Life insurance is a specific illustration of the process of nationalisation where non-ideological, sector or activities- specific compulsions were decisive, It was based on an unannounced quiet inquiry spread over a number of years which showed that neither a code of conduct nor legislation could make private insurers operate to protect the interest of the policyholders. However the Life Insurance Act gave clear evidence of the absence of any doctrinaire bias against the private sector. In the context of the new industrial policy which was then on the anvil, it was essential that nationalisation of life insurance did not give contradictory signals and tilt the power and ideological balance in the Indian economy.

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