Irdai Gets 5 Applications for Non-life, Reinsurance Business
The Insurance Regulatory and Development Authority of India (Irdai) has received three applications for non-life business and two from reinsurance companies to start operations in India.
Currently, there are 24 companies each in life and non-life insurance spaces. Besides, there are six standalone health insurers and eight reinsurance compa- nies in the country.
However, there is no application pending for any new life insurance company with the insurance regulator at present, a senior Irdai official said.
Irdai has not received application from any new life insurance company so far, said member (life, finance and accounts) Nilesh Sathe. — PTI