LIC likely to look at composite licence

LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament, sources said. As per the proposed Bill, an applicant may apply for registration of one or more classes/sub-classes of insurance business of any category or type of insurer. However, reinsurers are prohibited from seeking registration of any other class of insurance business.

A composite licence will allow insurers to undertake general and health insurance via a single entity. Sources said LIC would take a call on composite licence and other issues emanating out of passage of the Bill in a comprehensive manner taking into consideration Life Insurance Corporation Act, 1956.

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