The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business.
source https://www.caclubindia.com/articles/preparation-financial-statement-general-insurance-companies-amended-provisions-insurance-laws-amendment-act-2015-47159.asp
source https://www.caclubindia.com/articles/preparation-financial-statement-general-insurance-companies-amended-provisions-insurance-laws-amendment-act-2015-47159.asp
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