Dedicated To Mumbai
Home > Business > 10 New Players Apply To Start Insurance Operations In India

10 New Players Apply To Start Insurance Operations In India

Tuesday, March 29, 2016
By A Business Reporter

The Insurance Regulatory and Development Authority of India (Irdai) has received applications from ten new players to start operations in the country, a senior official said yesterday. "The regulator is currently processing applications of ten players consisting of insurers and re-insurers,"IRDA member (Finance and Investment) V R Iyer told PTI.

"Four primary players - two non-life insurers, one life insurer, one health player, one re-insurer - and five global re-insurers have now applied for licences to set up operations in the country," she said. However, Iyer did not reveal names of the primary insurers and one re-insurer.

The Aditya Birla Group is setting up a health insurance company in partnership with South African firm MMI Holdings, market sources said. The global re-insurers who have applied for licences include Munich Re, Swiss Re, Hannover Re, SCOR, Excel ILSE, they said.

Confirming the same, Iyer said: "We have received applications from these players (re-insurers) to set up operations in the country and (we) are processing them." She also said joint ventures in India in insurance sector are also completing their paper work to comply with the new norms - being owned and controlled by the Indian promoter - that was made mandatory in Insurance Companies (Amendment) Act, 2015.

"We have got confirmation from 16 joint venture players that they have complied with the new norms. Others have informed us that they would complete the process in one month," she added."We were already handling this job as any FDI proposals in the insurance companies have to be first reviewed by the Irdai to ensure compliance of 'Indian owned' and 'controlled'. We are fully geared up to do this job," she added.

The country's insurance industry has already received Rs 10,000 crore after the FDI limit were raised from 26 per cent to 49 per cent in 2015.

No Comments Posted
City news
Unable to solve Deonar murder mystery cops provid
Beware! Flying a drone, a trend that seems ...
On Thursday, thousands of Mumbaikars came on stre
I am a 34-year-old married woman. I find that I l
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Follow your intuition about work proposal. You are sure to benefit. Good days to attend to money matters or traveling for work. A load of good fortune is in store for you. If you are employed expect a promotion to an important office with large increase in salary. The married may find their mate being aloof. Make the first move to express your feelings for a really warm response.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Success and family happiness are in store according to the cards. Be kind to the less fortunate. Your closest ally is yourself. Avoid heavy weather Capricorn. Your Card for the week is the Tarot key no; XIX: The Sun which will bring brightness to all that you do. You will dazzle others and win accolades.
- Advertising -
The Mumbai Mix Team speaks to people around the c
Have you been feeling a little pain in your elbow
Nike has made a few new additions to its Free ran
Read More