An insurance company in India is established under the Companies Act of 2013. The insurance is precisely defined under section 12 of the Insurance Act 1938. According to this act, every insurance company needs to audit its financial statements annually. After this, another act was passed in 1999, named the IRDA Act, for modifying it. Under this act, every policyholder, whether the stakeholder or business people, will get a Balance Sheet, separate Profit and Loss Accounts, and separate receipts of every transaction and revenue or payment account. All these sheets are passed at the end of every financial year. Indian insurance company facilitates the following types of insurance:

• Life insurance
• Business or reinsurance business
• Business or general insurance
• Vehicle insurance