The Insurance Regulatory and Development Authority of India (IRDAI) has revealed it has recently received five applications from insurance companies wishing to operate in the country.
Three applications were from general insurers while two were from reinsurers, IRDAI said.
There are currently 24 companies each in life and general insurance, along with six health insurers and eight reinsurers, according to the regulator.
“We will be discussing their initial approvals during the board meeting of IRDAI slated for later during the month,” IRDAI board member Nilesh Sathe told PTI on the sidelines of an insurance summit organised by the National Insurance Academy.
He added that there have not been any new applications from life insurance companies, most likely due to the very capital-intensive nature of the business.
Sathe also expounded on IRDAI’s upcoming move to a new headquarters, still within the same city of Hyderabad.
“The new corporate office … will be unveiled on November 27 and by December 1, we will start working from the new office,” he said.
Indian Prime Minister Narendra Modi is expected to lead the inauguration ceremonies of the new six-storey building that will serve as home base of the insurance regulator’s operations.
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