Industry officials told IANS that the IRDAI hadn’t licensed any new insurer during the past year or two.
And that situation is expected to change shortly with some of the applications in advanced processing stages at IRDAI.
Out of the 12 applications with IRDAI, eight are for starting a public insurance company, including agriculture insurance, three for life insurance and one for reinsurance provider.
IRDAI Chairman Debasish Panda’s view of each Indian becoming an insurance policyholder, Goyal, Chairman, Go Digit General Insurance, had told IANS: “I find the vision simple and bold simultaneously. We have seen IRDAI move in this direction at breakneck speed within the last three months. Prem Watsa (Founder and Chairman of Fairfax Financial Holdings, Canada) and I are excited with this vision and are exploring establishing both an Indian reinsurance company and a life insurance company.”
It is learnt Go Digit-Life Insurance has been issued with the R1 application form and Go Digit Reinsurance with the R2 application form.
Source-
https://in.investing.com/news/irdai-processing-licence-applications-of-12-companies-3268639