10 new play­ers ap­ply to Ir­dai to start op­er­a­tions

The Financial Express - - MONEY & MARKETS -

Mum­bai, March 28: In­surance Reg­u­la­tory and Devel­op­ment Au­thor­ity of In­dia (Ir­dai) has re­ceived ap­pli­ca­tions from 10 new play­ers to start op­er­a­tions in the coun­try, a se­nior of­fi­cial said here.

“The reg­u­la­tor is cur­rently pro­cess­ing ap­pli­ca­tions of 10 play­ers con­sist­ing of in­sur­ers and re-in­sur­ers,” IRDA mem­ber (finance and in­vest­ment) V R Iyer told PTI on Mon­day.

“Four pri­mary play­ers — two non-life in­sur­ers, one life in­surer, one health player, one re-in­surer — and five global rein­sur­ers 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.

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 (rein­sur­ers) 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 pro- moter — 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 ` 10,000 crore af­ter the FDI limit were raised from 26% to 49% in 2015.

PTI

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