10 new players apply to Irdai to start operations in India

Mumbai: 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 here.

"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 today.

"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.

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.