A total 12 applications for starting an insurance company-non-life/life/reinsurance are under various stages of processing at Insurance Regulatory and Development Authority of India (IRDAI), it is learnt.
Industry officials told IANS that the IRDAI has not licensed any new insurer during the past couple of years.
And that situation is expected to change in the near future with some of the applications are in advanced stages of processing at IRDAI.
Out of the 12 applications with IRDAI, eight are for starting a general insurance company including agriculture insurance, three for life insurance and one reinsurance company.
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Interestingly Kamesh Goyal, and Prem Watsa (Founder and Chairman of FairFax Financial Holdings, Canada) the promoters of Go Digit General Insurance Company Ltd are venturing into the life and reinsurance segment.
Referring to IRDAI Chairman Debasish Panda's view of every Indian becoming an insurance policyholder Goyal, Chairman, Go Digit General Insurance, had told IANS: "I find the vision simple and bold at the same time. We have seen IRDAI move in this direction at breakneck speed in the last three months. Both Prem Watsa (Founder and Chairman of FairFax Financial Holdings, Canada) and I are excited with this vision and are exploring setting up both an Indian reinsurance company and a life insurance company."
It is learnt Go Digit Life Insurance has been issued with R1 application form and Go Digit Reinsurance with R2 application form.
The IRDAI is the licensing authority of insurance companies and processes the applications in stages - R1 is IRDAI giving the application form to a prospective insurance company promoter and R2 is the next stage of application form.
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It is learnt the current status of the 12 applications at IRDAI:
Paytm General Insurance - The applicant has informed IRDAI in May that an updated R1 application will be filed.
IndiaBulls Life Insurance - Under process at R2 stage
Anzen General Insurance - R1 filed in July. Under process
Ria General Insurance - R1 under process.
Kshema General Insurance - R2 under process
Cosmea General Insurance - NOC issued
Kenko General Insurance - R1 issued in June 2022
Go Mechanic General Insurance - R1 under process
Credit Access Life Insurance - R1 issued
Go Digit Life Insurance - R1 issued
Go Digit Reinsurance - R2 issued
Andhra Pradesh Government General Insurance - R1 under process
