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IRDA receives fresh applications for new ventures
Last Updated: 02-Apr-2016
Insurance Regulatory and Development Authority of India (Irdai) has received applications from ten new players to start operations in the country. The regulator is currently processing applications of ten players consisting of insurers and re-insurers," IRDA member (Finance and Investment). According to IRDA, 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. Some companies which would have applied include Aditya Birla Group , Munich Re, Swiss Re, Hannover Re, SCOR, Excel ILSE. 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.