‘Irdai has granted 2 general insurance licences since 100% FDI move by govt’

PTI

mumbai

Insurance Regulatory and Development Authority of India (Irdai) Chairman Ajay Seth on Tuesday announced that the sector watchdog has approved two proposals for owning a 100% stake in general insurance vehicles since the government opened the space for 100% foreign direct investment (FDI).

Speaking at an event organised by the Insurance Awareness Committee of the Life Insurance Council in Mumbai, the regulator said that the much-awaited BIMA Sugam platform will be launched by the end of September. Without providing further details, Seth said one of the FDI proposals was approved on Monday.

Apart from these two licences in general insurance, where there is a perception of higher market opportunity, there is also interest in the life insurance sector, he said. He pointed to a recent proposal where a foreign entity showed interest in entering India with a substantial stake.

There is also interest among existing foreign promoters to increase stakes in their joint ventures with local partners, he said, adding that one proposal has been approved and another is pending with Irdai.