Insurance regulator Irdai has cleared different levels of licences to a host of new players in the insurance industry in non-life and reinsurance spaces in its recently held board meeting. However, not a single licence was cleared by the insurance regulator for any player on life space as it didn't receive any such application this time.
Insurance and reinsurance companies promoted by billionaire investors like Warren Buffet and Narayana Murthy have been given regulatory clearances by the Irdai for their Indian foray, industry sources told PTI here on Wednesday. Gen Re, one of the reinsurance multinational companies, promoted by Warren Buffet has received second level of regulatory clearances or R2, while Acko General Insurance, a domestic firm backed by Infosys founder NR Narayana Murthy, has received preliminary licence to set up their operations in the country, the sources added.
Irdai in its board meeting held on March 3 has cleared different level of regulatory clearances to the new companies intending to enter country’s insurance industry. Domestic firms like Dewan and Edelweiss have also been given second level of regulatory clearances or R2. However, they will be able to kick off their operations in the country on receiving the final approval or R3 licence only.