New Delhi: 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 Insurance Regulatory and Development Authority of India (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.
About a dozen of these applicants may get a final nod to start insurance operations this year, the official said, requesting anonymity.
In an emailed response, Irdai chairman Debasish Panda said that the business environment is favourable and conducive, and investors are attracted to the insurance sector, a sentiment underscored by the interest in new licences.
“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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Quick Edit: The market's green role
The world needs to bend its rising curve of carbon emissions, a goal that's proving elusive. Adding to the challenge, US climate policy is likely to flip back into neglect mode next year.
Growth shouldn't suffer for want of a market fix
Packaged food companies should drive a food-processing revolution and run a campaign for substitution of fresh-veggie demand. It'll crush price volatility and open up space for rate cuts
We should reform import tariffs to boost Make in India!
Tariff reforms to resolve duty inversions can arrest the 'cost competitiveness leak' of Indian manufacturing
Trying to quantify everything may worsen human decisions
'Quantification fixation' is real—and we should learn to resist it
Hope has sprung anew amid the thick haze hovering over COP-29
The climate summit has seen rules being ratified for a carbon market, progress on finance and high corporate participation
Trump's return is set to send the world scouting for fresh options
His confrontational stand on issues will ruffle feathers and make nations review their alignments
Why national pride has not helped clean up Delhi's air
A sense of shame was expected to get it done. That hasn't worked. Do we lack the will and talent?
SEBI CAN DO MORE TO DISSUADE RETAIL F&O SPECULATION
A recent Securities and Exchange Board of India (Sebi) report highlighted the significant losses individual traders have incurred in the equity futures and options (F&O) segment between FY22 and FY24.
Is filing ITR in old regime still valid?
I am with the Indian Army. Until last year, we received Form 16 under the old tax regime, including allowances such as HRA, travel and uniform.
Avoid common mistakes in NRO, NRE accounts: A guide for NRIs
Tips on using NRE and NRO accounts to effectively manage funds, repatriate money and remain tax-compliant
