Educating the Public about the Other Genders Free Essays

Issues about gender inequality and segregation have been dragging all the institutions, particularly schools and the workplace, over time (Blackwell, 2003; Albelda, 1986; Anker, 1998; Peace, 2003; Lester, 2008). At first, these issues were merely between men and women. We will write a custom essay sample on Educating the Public about the Other Genders or any similar topic only for you Order Now Now, there are other genders claiming for equality with the two socially accepted genders. Unequal opportunities, violence, and social injustices against lesbian, gay, bisexual, and transgender (LGBT) are still subjects of other gender’s struggle nowadays (Sloan Gustavsson, 1998). In addition, a number of arguments about lesbian and gay parenting, same-sex marriage and other familial rights tend to intensify other genders’ claim for equality, whereas in lesbian and gay parenting, the society is questioning their capability of serving as a role model of children at home (Hicks, 2008; Clarke, 2001; Hicks McDermott, 1999; Nicol Smith, 2008; Ghoshal, 2009). Gender critics and gender sensitive organizations are lobbying that if only the public has been educated regarding the existence and concerns of LGBT, then inequality and violence against these populations will be lessened and will be eradicated, if possible. The Other Genders Initially, there were two socially accepted genders: men and women. Now lesbian, gay, bisexual and transgender are claiming acceptance from the society.   Many psychological, biological and medical studies are conducted to explain and analyze the other manifestations of sexuality among the two primary genders (men and women), yet the most widely accepted analysis is that of Robert J. Stoller which argued that, A person’s physical sexual attributes, mental attitudes and objects of desire could â€Å"vary independently of one another†; so that â€Å"a man with predominantly male characteristics and also masculine in his erotic life may still be inverted in respect to his object, loving only men instead of women† (cited in Glover, 2002). Such statement explains the psychological cases of LGBT; even if they possess the physical sexual attributes these populations tend to think and act the other way contradictory of what is expected of them being a man or a woman. School Curriculum and Gender Studies The growing numbers of LGBT at young age (10 years old and below) alarmed many institutions particularly those concern in education and health care. Gender critics urge the inclusion of a gender-sensitive curriculum in all education institutions since most of the national school curricula manifests gender inequalities which uphold a â€Å"hegemonic male† dominance within a State and around the world (Arnot, 2002; Marshall Arnot, 2008; Peace, 2003). Previously, the courses being offered in all colleges and universities manifested gender inequality; for instance, there were separate courses for women and for men. Women are now entitled to take men’s courses and vice versa. Moreover, the titles â€Å"Baccalaureate† and â€Å"Masters Degree† connote the dominance of men in earlier education system. Also significant in the system of education is the prohibition of women to become school administrator not until the passage of 1972 Title IX of the Education Amendments (Meritz, 2006). It has been identified that the church is responsible for the patriarchal education and to the flight of women and LGBT for acceptance and equality (Pray, 1847). At present, LGBT are seeking their place in education curriculum to avoid gender preference being provided only for men and women. Homophobia in School and Nursing Environment There have been claims that education institutions are the best and safe place for LGBT youth, yet most studies conducted found that schools are usually a place of harassment where these populations are often victimized by peers and even by their teachers (Sloan, 1998). Many researches stated that most teachers and education professionals are not ready to address and affirm the needs of LGBT people; thus, their heterosexual students are likely to show negative attitudes toward the LGBT population (Macgillivray Jennings, 2008; Blackburn Donelson 2004; Szalacha, 2004; Robinson Ferfolja, 2001; Kozik-Rosabal Macgillivray, 2000; Roffman, 2000; Casper Schults, 1999; Petrovic, 1998; Maney Cain, 1997). Analyzing the trend, studies also discovered that, compared to heterosexual women, heterosexual men are more likely to be prejudiced against LGBT (Herek, 1988; Ratcliff, Lassiter, Markman Snyder, 2006; Bem, 1993). How to cite Educating the Public about the Other Genders, Papers

Intro free essay sample

Surd Dares (Blocking the means) Ruff (custom) 4 In general, the framework of Islamic finance is the same framework used by the conventional finance practices. These frameworks are, inter alai legal and regulatory framework, taxation framework, accounting and auditing standards, etc. Might have different or additional framework, such as accounting and auditing standard, etc, due to its peculiarity. In certain jurisdiction, Islamic banking and finance might be regulated by different sets of regulations, either separate or additional, e. G. BIB 1983 5 However, Islamic Finance, as the name suggests, has another framework, which is considered the major element that differentiates BIB from the conventional banking and finance. Any violation of this framework will definitely effect the validity of Islamic finance itself. Shari Compliance Framework 6 Three main interrelated terminologies: Shari, Fish Mulatto Shari, when viewed from legal perspective is the fixed elements of Islamic law, i. E. What has been clearly stipulated and mentioned in the text. We will write a custom essay sample on Intro or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page E. G. Five time prayers, prohibition of rib, etc.As such, it is revealed in nature 7 Shari, in this sense, is wide and encompassing various branches of Islam Normally, it comes in its generality and it emphasizes only on the principles and not the detailed rules (not all the time) It is the duty of the judge (quad), mufti and jurisdictions (llama) to exert their intellectual efforts in deriving and applying these principles on certain given scenarios. The result of human reasoning and understanding to the Shari is known as fish Fixed v. Flexible Agreements v. Differences 8 However, in its general usage, it is called al-Assyria al-elastically (Islamic law).Islamic commercial law is one of the components of Islamic law Other components of Islamic law include: Islamic law of purification and worship family law criminal law away of evidence and procedure law of inheritance, etc The main subjects of Islamic commercial law are commercial contracts and the rules governing them 9 Original rule of permissibility: Initial legal ruling in commercial contract is permissibility Contrary to acts Of devotion (EBITDA)

I Very Much Enjoyed Reading The Short Story Im A Fool. It Was V

I very much enjoyed reading the short story Im a Fool. It was very readable and it made a lot of sense to me. I know exactly what the narrator was feeling and thinking in the story, as I have been in similar situations. There are often times when you feel that it is necessary to build yourself up in order to impress someone-usually a female for myself. I dont know why I do it or why other guys do it, but we certainly do. Perhaps it is to simply impress, or maybe to make me feel like I am an important person and the young lady had better give me the time of day. Whatever the reason, it most definitely a silly thing to do, especially when you cannot deliver the goods or produce what your mouth has been talking about. That part tends to be very embarrassing and pushes the girl away because she now thinks of you as a liar. I am fortunate now to have a girlfriend that knows everything about me, and I did not ever feel I had to lie to impress her. It is humorous, though, to watch my friends make up things when they find a female, and then get tossed aside for not being honest. I suppose after a few more times they will learn, as the narrator surely did after his silly mistake. Im a Fool was a very good story and a great example of how NOT to court a female. Its painful moral is one for young lads to remember. [emailprotected]

Free Essays on Globalization Is Good For Mankind

Globalization is Good For Mankind Globalization holds huge potential and could be the answer to many of the world’s problems. Murray Weidenbaum argues that globalization benefits all countries that participate in world markets and can produce many opportunities. He believes that globalization has become a bad word and people oppose to it because they have developed their views from myths based on insufficient facts. The ten myths which he identified are: globalization costs jobs, the United States is an island of free trade in a world of protectionism, Americans are hurt by imports, U.S. companies are running away especially to low-cost areas overseas, American companies doing business overseas take advantage of local people (especially in poor countries) and pollute their environments, the trade deficit is hurting our economy and we should eliminate it, it’s not fair to run such large trade deficits with China or Japan, Sanctions and export controls work, trade agreements should be used to raise env ironmental and labor standards around the world, and America’s manufacturing base is eroding in the face of unfair global competition. Because it expands economic freedom and spurs competition, globalization raises the productivity and living standards of people in countries that open themselves to the global marketplace. In the first few myths, Weidenbaum analyzes the misconceptions made about globalization affecting jobs, trade, and imports. Yes, globalization costs jobs and kills small businesses and makes domestic businesses more competitive. However, globalization has given more job opportunities than the ones lost and also with better pay. Because of globalization, employment rates are up and unemployment rates are down. A nation open to free trade grows faster than a nation closed to free trade. Statistics show that open poor economies grows about twice as fast than open rich economies. Globalization is a way of giving c... Free Essays on Globalization Is Good For Mankind Free Essays on Globalization Is Good For Mankind Globalization is Good For Mankind Globalization holds huge potential and could be the answer to many of the world’s problems. Murray Weidenbaum argues that globalization benefits all countries that participate in world markets and can produce many opportunities. He believes that globalization has become a bad word and people oppose to it because they have developed their views from myths based on insufficient facts. The ten myths which he identified are: globalization costs jobs, the United States is an island of free trade in a world of protectionism, Americans are hurt by imports, U.S. companies are running away especially to low-cost areas overseas, American companies doing business overseas take advantage of local people (especially in poor countries) and pollute their environments, the trade deficit is hurting our economy and we should eliminate it, it’s not fair to run such large trade deficits with China or Japan, Sanctions and export controls work, trade agreements should be used to raise env ironmental and labor standards around the world, and America’s manufacturing base is eroding in the face of unfair global competition. Because it expands economic freedom and spurs competition, globalization raises the productivity and living standards of people in countries that open themselves to the global marketplace. In the first few myths, Weidenbaum analyzes the misconceptions made about globalization affecting jobs, trade, and imports. Yes, globalization costs jobs and kills small businesses and makes domestic businesses more competitive. However, globalization has given more job opportunities than the ones lost and also with better pay. Because of globalization, employment rates are up and unemployment rates are down. A nation open to free trade grows faster than a nation closed to free trade. Statistics show that open poor economies grows about twice as fast than open rich economies. Globalization is a way of giving c...

The Ethical Process in Solving an Ethical Dilemma Assignment - 79

The Ethical Process in Solving an Ethical Dilemma - Assignment Example The other challenging bit is the fact that, the reason was to save the life of someone else. The second ethical step is to know what or why it happened, that is getting to realize that what happened was wrong and trying to get the story straight as to why it happened. This also involves getting relevant evidence that may have caused the car to be broken into. For this matter, the car was taken for the purpose of saving the life of another human being by rushing them to hospital. It can be argued that, if that intent was not carried out, then the life of another individual would be put at risk and it would have been much worse than taking the car in the first place. Supporting document as to why the car was taken would have been the hospital documents such as receipts, hospital card that show that the patient was really taken to the hospital. The third step is to verify whether the ethical issue is a regulatory issue or a process issue. This relates to why it was carried out. For this case, the car was taken because there were no other possible options at the moment that could have been implemented. It was the only car in the vicinity that could have been used. The fourth step would be to review and compare whether the ethical issue has a rule that is tied to it. This can be referred to a variety of resources such as the ASHAs Code of Ethics. For this case, after the car was taken so as to take someone to the hospital. It would have been procedural to look up the ethical dilemma in the Code of Ethics and find a sound action to incorporate so as to make the situation better or both parties, including the owner of the car. The fifth step in reviewing the ethical process is to know who is in charge and has the control in the situation. For example, the car was taken and the individual in charge was the driver. This is the ideal person who will be able to explain what came along and why he/she had to do it and come up with a  sound judgment based on the storyline.

Compare and contrast the education systems of the UK and other country Essay

Compare and contrast the education systems of the UK and other country - Essay Example School terms are similar. Both are divided in three terms, but they differ in terms of school year openings. School year in UK starts in September and ends in July. Each term has a break of few weeks, while the third term has two months vacation. The centralized system of curriculum is observed to both countries with certain dissimilarities in content. In UK, Emphasis of teaching in infant school is on reading, painting and practical lessons. At this stage children learn to read, write and count. As they move to junior level, they learn English, Math, science and technology, geography, and religion. They also learn about environment, art, music and P.E. At age 11, students go to junior level of a comprehensive school. At age 16, sixty percent of the children are ready to move to further education. All junior level students are qualified to enter FE level wherein they could enrol in vocational or academic, although this is no longer obligatory courses. FE courses prepare them for future employment. In Japan, the elementary school curriculum emphasizes study of Japanese, social studies, mathematics, science, music, arts and handicraft, and physical education. This is the stage where much emphasis and time is devoted to music, fine arts and curriculum. Japan introduced in its education system the promotion of respect for individuals, whereupon it was started in 1957 in elementary schools (Nemoto, Y. 1999) Students are required to practice moral education in their daily interactions in school and routine activities of cleaning and lunch, 2007. In high school Heirarchy and peer relations are intense and observed at this point. The method of teaching in Japan is very much different from UK in that they are concerned with developing the whole being of the child. Teachers consider it their duty to teach them with polite manners, personal hygiene,

Analysis Of Life Insurance Industry In India Economics Essay

Analysis Of Life Insurance Industry In India Economics Essay Since inception the Indian life insurance industry has its own origin and history. It has passed through many hurdles and hindrances in order to attain the present status. However, the income earning capacity of an individual citizen of a nation and the eagerness and awareness of the general public are the two key determinants of the growth of any insurance industry. In the Indian context, the insurance habits among the general public during the independence decade was rare and in the following decades, it has slowly increased. There was a remarkable improvement in the Indian insurance industry soon after the economic reform era (1991). After 1991 the Indian life insurance industry has geared up in all respects, as well as it is being forced to face a lot of healthy competition from many national as well as international private insurance players. In this paper we have analyzed the performance of LIC over a time period of 1980 to 2009, attempt has been made to analyse the overall performance of Life Insurance Industry of India between pre- and post economic reform era. To measure the current status, volume of competitions and challenges faced by the Life Insurance Corporation of India and to measure the effectiveness of investment strategy of LIC over the period 1980 to 2009. Data were analysed by using Regression, Trend Analysis and Anova. The study reveals that there is a tremendous growth in the performance of Indian Life Insurance industry and LIC due to the policy of LPG. Insurance industry also improved a lot due to the emergence of Private sector and opening up for foreign players. Further there is also a huge change in the investment pattern of LIC. There is a increasing trend toward the investment in Stock market by LIC from 60% to 93% from 1980 to 2009 due to the effective regulation of SEBI and increasing transparen cy of stock market. I. Introduction Life insurance is a contract for the payment of a sum of money to a person assured on happening of the event ensured against. Usually the contracts provide for the payment of the amount on a date of maturity or at a specified date at periodic intervals or at unfortunate death, if it occurs earlier. Life insurance is universally acknowledged to be an institution, which eliminates risk, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of breadwinner. Life insurance is civilisations partial solution to the problems that caused by death. In short, life insurance is concerned with two hazards that stand across the life-path of every person: 1.That of dying prematurely is leaving a dependent family to fend for itself. 2. That of living till old age without visible means of support. The nationalization of insurance business in the country resulted in the establishment of Life Insurance Corporation of India (LIC) in 1956 as a wholly- owned corporation of the government of India. Indias life insurance market has grown rapidly over the past six years, with new business premiums growing at over 40% per year. The premium income of Indias life insurance market is set to double by 2012 on better penetration and higher incomes. Insurance penetration in India is currently about 4% of its GDP, much lower than the developed market level of 6-9%. In several segments of the population, the penetration is lower than potential. For example, in urban areas, the penetration of life insurance in the mass market is about 65%, and its considerably less in the low-income unbanked segment. In rural areas, life insurance penetration in the banked segment is estimated to be about 40%, while it is marginal at best in the unbanked segment. The total premium could go up to $80-100 billion by 2012 from the present $40 billion as higher per capita income increases per capita insurance intensity. The average household premium will rise to Rs 3,000-4,100 from the current Rs 1,300 as will penetration by the existing and new players. Indias ratio of life insurance premium to its GDP is around 4 per cent against 6-9 per cent in the developed world. It could rise to 5.1-6.2 by 2012 in tandem with the countrys demographic profile. India has 17 life insurers and the state owned Life Insurance Corp. of India dominates the industry with over 70 percent market share, though private players have been growing aggressively. Considering the worlds largest population and an annual growth rate of nearly 7 per cent, India offers great opportunities for insurers. US based online insurance company ebix.com plans to enter the Indian market following deregulation of its insurance sector. In a diverse country such as India it is imperative that a universal insurance infrastructure be created to maximize efficiency in the insurance industry. Online insurer ebix.com can offers the Indian market a business-to-consumer internet portal where consumers have more choice while purchasing insurance and an internet-based agency management system that will help agents work more efficiently with multiple carriers. Foreign holding in Indian insurance companies is limited to 26 per cent. The market is moving beyond single-premium policies and unit linked insurance products which are easier to sell. The agency model is the dominant sales channel accounting for more than 85 per cent of fresh premiums but overall inactivity and attrition is much higher at 50-55 per cent than the global average of 25 per cent. GIVE REFERENCE II. Review of Literature In the present section an attempt has been made to examine the review of literature related to the study. Rao, R.T.S. (2000) in this article had explained the phenomenal growth experienced by life insurance industries recently, in line with the countrys improving economic fundamentals. By comparing the growth, penetration, density and other insurance variables, he had shown that India is still an underdeveloped insurance market, it has a huge catch-up potential. According to him even though there is strong potential for expansion of insurance into rural areas, growth has so far remained slow. Considering that the bulk of the Indian population still resides in rural areas, it is imperative that the insurance industrys development should not miss this vast sector of the population. Goyal, K. (2004), in this article has reviewed that private insurance companies had reason to celebrate with the lifting of the sectoral cap in the insurance sector to 49 per cent in the Union Budget 2004-05, as against 26 per cent earlier. However, to offset the excitement, there was also an imposition of service tax of 10 per cent on the risk premium for life insurance, which has the industry with mixed feelings. The FDI hike has been a much-awaited plea of these companies, who believed that they could plough in more money into the business if their foreign partners were permitted an increased holding. Jain, A.K. (2004), revealed that Waves of liberalization have done wonders to proper the insurance occupation to the status of a career with a bright future. The average mindset, particularly of younger generation in India was very amenable to the changes in insurance as an avenue where exhilarating opportunities are opened up in changed environment. Krishnamurthy, S. (2005) in this article had reviewed that Insurance companies have a pivotal role in offering insurance products which meet the requirements of the people and, at the same time, are affordable. Some of the challenges faced by the insurance sector pertain to the demand conditions, competition in the sector, product innovations, delivery and distribution systems, use of technology, and regulation. With the liberalization and entry of private companies in insurance, the Indian insurance sector has started showing signs of significant change. Ray, Subhashish and Pathak, Ajay. (2006) opined that ever since the privatization of the insurance sector in India in 2000, the industries has been witnessing the birth of numerous private players, mostly joint ventures between foreign insurance giants and Indian diversified conglomerates and each one is trying to make an inroad into the huge untapped market. Sinha, Ram Pratap. (2007) opined that the deregulation of general insurance industry in India is having far-reaching consequences in terms of market size, structure and operational practices. As compared to the international standards the penetration level of general insurance companies in India is quite low and, therefore, has tremendous potential for growth. His analysis revealed that the public sector insurers dominate the private sector insurers in terms of mean technical efficiency in constant returns to scale, while the private sector insurers have a slightly higher mean technical efficiency than the public sector insurers in variable returns to scale. Goswami, P. (2007) in this article had reviewed that the insurance industry in India was opened up to private sector participation in the year 2000. Prior to this, Life Insurance Corporation (LIC) of India was the sole player in the life insurance industry in India. In six years since the entry of private players in the insurance market, LIC has lost 29% market share to the private players, although both, market size and the insurance premium being collected, are on the rise. In 2005, life insurance accounted for 79% of the total insurance market in India. It was found that the responsiveness dimension of service quality provides maximum customer satisfaction in the life insurance industry in India. Sabera. (2007) indicated that in March 2000, when the Government of India liberalized the insurance sector, lifted the entry restrictions for private insurance players, allowing the foreign players to enter into the market and start their operations in India. The entry of private players helps in spreading and keeping the operation in the Indian insurance sector which in turn results in restructuring and revitalizing of public sector companies. III. Research Methodology The research article is based upon descriptive as well as exploratory research. Secondary sources of data collection have been adopted for the study. The relevant and required data are collected from the text books, national and international articles, RBI Bulletin (various issues) as well as annual reports of LIC. The Statistical tools used in this research article are Correlation, Regression, ANOVA, the method of least squares and linear trend. The method of least square has been used for analysing the overall performance of Life Insurance Industry of India between pre- and post economic reform era and to measure the current status, volume of competitions and challenges faced by the Life Insurance Corporation of India. For processing the data and estimating the results, Excel, SPSS-16 packages have been used. Objectives: The following are the objectives of the present study To analyze the overall performance of Life Insurance Industry of India between pre- and post economic reform era To measure the current status, volume of competitions and challenges faced by the Life Insurance Corporation of India To measure the change in the effectiveness of the investment strategy of LIC over the period 1980 to 2009. Hypothesis: The study is based on the hypothesis that There is no significance difference in the performance of Life Insurance Industry between pre- and post economic reform era There is no significance Change in the pattern of the investment strategy of LIC over the period 1980 to 2009. Status and Position of Indian Life Insurance Industry in the pre LPG era In India, life insurance in its modern form came from England in the year 1818. The first life insurance was Oriental life insurance Company started by Europeans in Calcutta. All the insurance industries established during that period of time were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. Later on with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But still Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. However in the year 1870, Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of the society. Bharat Insurance Company (1896) was another one of such companies inspired by nationalism. The Swadeshi movement during 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, the Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindra Nath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies that established during the same period. Prior to 1912, India had no legislation to regulate insurance business. However in the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary, but in actuall the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance industries. From 44 companies with total business-in-force of Rs.22.44 crore, it rose to 176 companies with total business-in-force of Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization wa s accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services needs felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of the re-organization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen from the fact that about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crores mark of new business. But with the re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crores Sum Assured on new polic ies. Table 1. Growth of LIC between 1959 and 1999 Table 1. Growth of LIC between 1959 and 1999 S.No. Particulars 1957 1999 1 Annual Business: Sum Assured Policies First year premium 336.3 crores 8,00,000 14 crores 75606 crores 14857000 4171 crores 2 Business in force: Sum Assured Policies Renewal premium 1477 crores 5686000 74 crores 459201 crores 91726000 16136crores 3 Group Business in force: Sum Assured No. of Lives 5.29 crores 69558 crores 21671000 4 Life Fund: 41040 crores 127389.06 crores Source: Secondary Data Annual Reports of LIC. Progress of Indian Life Insurance Industry in the Post LPG Era Insurance sector reforms: In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reformsà ¢Ã¢â€š ¬Ã‚ ¦ In 1994, the committee submitted the report and some of the key recommendations included: 1) Structure Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate. 2) Competition Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only One State Level Life Insurance Company should be allowed to operate in each state. 3) Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance (Currently a part from the Finance Ministry) should be made independent. 4) Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time). 5) Customer Service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerisation of operations and updating of technology to be carried out in the insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body. MAJOR POLICY CHANGES Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions: Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company; The companys sole purpose is to carry on life insurance business or general insurance business or reinsurance business. The minimum paid up equity capital for life or general insurance business is Rs.100 crores. The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores. The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and it connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer an on-line premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centers have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, the LIC has launched its SATELLITE SAMPARK offices. These satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate the customer anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer eve n in the liberalized scenario of Indian insurance industries and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. Table-2: Total Life Insurance Premium (Rs. Crore) INSURER 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 LIC 149789.99 127822.84 90792.22 75127.29 63533.43 54628.49 49821.91 (17.19) (40.79) (20.85) (18.25) (16.30) (9.65) (42.79) Aviva 1891.88 1147.23 600.27 253.42 81.50 13.47 NA   Bajaj Allianz 9725.31 5345.24 3133.58 1001.68 220.80 69.17 7.14 Bharti Axa 118.41 7.78 NA   NA NA NA NA Birla Sunlife 3272.19 1776.71 1259.68 915.47 537.54 143.92 28.26 Future Generali 2.49 NA   NA NA NA NA NA HDFC Std 4858.56 2855.87 1569.91 686.63 297.76 148.83 33.46 ICICI Pru 13561.06 7912.99 4261.05 2363.82 989.28 417.62 116.38 IDBI Fortis 11.90   NA NA NA NA NA NA ING Vysya 1158.87 707.20 425.38 338.86 88.51 21.16 4.19 Kotak Mahindra 1691.14 971.51 621.85 466.16 150.72 40.32 7.58 Met Life 1159.54 492.71 205.99 81.53 28.73 7.91 0.48 Max New York 2714.60 1500.28 788.13 413.43 215.25 96.59 38.95 Reliance Life 3225.44 1004.66 224.21 106.55 31.06 6.47 0.28 Sahara 143.49 51.00 27.66 1.74 NA   NA NA SBI Life 5622.14 2928.49 1075.32 601.18 225.67 72.39 14.69 Shriram 358.05 184.17 10.33   NA NA NA NA Tata AIG 2046.35 1367.18 880.19 497.04 253.53 81.21 21.14 Private Total 51561.42 28253.00 15083.54 7727.51 3120.33 1119.06 272.55 (82.50) (87.31) (95.19) (147.65) (178.83) (310.59) (4124.31) Total (LIC+Private) 201351.41 156075.84 105875.76 82854.80 66653.75 55747.55 50094.46 (29.01) (47.38) (27.78) (24.31) (19.56) (11.28) (43.54) Note: Figure in bracket indicates the growth over the previous year in percent. Two way ANOVA Source of Variation SS df MS F P-value F crit Rows 49560705298 17 2915335606 37.2725415 4.7941E-36 1.723833402 Columns 1069788739 6 178298123.2 2.27954002 0.0417493 2.188760765 Error 7978104529 102 78216711.07 Total 58608598567 125 Analysis and Interpretation Table 2 shows total life insurance premium during the year 2001-02 to 2007-08. The proportion of premium collected by LIC out of total premium collected by life insurance industry is declined from 97% in 2001-02 to 74% in 2007-08. It indicates the increasing competition from private sector. ICICI prudential is becoming a stronger and stronger player by keeping over a lot of business of LIC. But still there is a lot of scope of development in the life insurance industry where private sector will be a challenge in the front of LIC. By applying ANOVA at 0.05 level of significance, It is being observed that there is a significance difference in the performance of LIC and other Private Sector insurance companies over a period of 2001-02 to 2007-08 Table 3: Total Life Insurance Premium Year (X) Total life insurance premium (Y) U=X-A/ H U2 UY 2002 50094.46 -3 9 -150283.38 2003 55747.55 -2 4 -111495.1 2004 66653.75 -1 1 -66653.75 2005 82854.80 0 0 0 2006 105875.76 1 1 105875.76 2007 156075.84 2 4 312151.68 2008 201351.41 3 9 604054.23 718653.57 0 28 693649.44 Source- compiled from table 2. Y = A+BX ÃŽÂ £Y=nA+B X ÃŽÂ £XY=A ÃŽÂ £X+BÃŽÂ £ X2 Y=A+Bu ÃŽÂ £Y=nA+B ÃŽÂ £U ÃŽÂ £uY=A ÃŽÂ £u+B ÃŽÂ £u2 ÃŽÂ £Y=nA A= ÃŽÂ £Y/n ÃŽÂ £uY=BÃŽÂ £ u2 B= ÃŽÂ £uY/ ÃŽÂ £u2 A= ÃŽÂ £Y/n A= 718653.57/7= 102664.79 B= ÃŽÂ £uY/ ÃŽÂ £u2= 693649.44/28= 24773.19 Y=A+B (X-2004) 102664.79+ 24773.19 (2012-2004) 102664.79+ 24773.19 (8) 300,850.35 crore Based on the middle year 2005, the trend value for the year 2012 can be calculated using the linear function Y=A+BX, where, AB are constant. If we substitute the values in the trend line equation, the expected total LIC premium for the year 2012 is Rs. 300,850.35 crores. It shows that the total business is in increasing trend. Table 4: Investment strategy of LIC (Rupees crore) Year Sector-wise Instrument-wise of which Total (2 to 5) Or (6 to 7) (end-March) Public Private Joint Co-operative Stock exchange securities Loans 1 2 3 4 5 6 7 8 1979 3411.9 618.1 29.9 527.8 2733.8 1853.1 4587.7 1980 3915.5 770.1 0 602.1 3113.4 2173.6 5287.7 1981 4707.8 647.2 0 665.5 3591.3 2725.6 6020.5 1982 5410.7 698.7 32 753 4040.6 2612 6894.4 1983 6189.7 787.4 32.7 825.2 NA NA 7835 1984 7020.8 891.4 40.1 905.3 NA NA 8857.6 1985 7919.5 1010.6 51.2 972.9 NA NA 9954.2 1986 9063.8 1121.3 68 1036.