Governmental Control Prior to 1961, Government maintained a policy of laissez-faire towards insurance business.
{"Image DocumentName": "Governmental Control Prior to 1961, Government maintained a policy of laissez-faire towards insurance business.", "Image ImageDescription": "Thus, apart from the Motor Vehicles (Third Party Insurance) Act of 1945 (revised in 1950), there was no statutory control of insurance. In 1961, the Marine Insurance Act was enacted. This was followed by the Insurance Companies Act The statute distinguished between local and foreign insurance companies and demanded greater capitalization from foreign companies than that required from local ones .", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}