India’s insurance sector evolved from India’s first life insurer (Oriental Life Insurance Co., 1818) and first Indian-owned insurer (Bombay Mutual, 1870) to nationalization of Life Insurance in 1956 (LIC Act, 1956) and General Insurance in 1972 (GIBNA, 1972), followed by privatization and regulatory overhaul on the recommendations of the R.N. Malhotra Committee (1993–94), which led…