IRDAI set to issue permits to a dozen insurers

The insurance regulator plans to issue about a dozen licences this year, building on last year’s momentum when three companies got insurance licences in life and non-life segments after more than a decade.

Nearly 20 applications are awaiting approval with the IRDAI, which has now set up a dedicated facilitation cell to support the registration application of companies and is providing on-tap no-objection certificates to fast-track approvals, an official familiar with the development said.

“Few more applicants are in the pipeline at various stages of fulfilling the criteria for registration. These applicants are supported by dedicated facilitation cells of IRDAI,” Panda said, without giving out the names of entities seeking insurance licences from the regulator.

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