The company would apply for the R1 licence from the Insurance Regulatory and Development Authority (Irda). “We will be applying for the R1 licence within 2-4 weeks and hope to be operational early 2013,” said Sandeep Patel, country manager, Cigna India.
Cigna would increase its stake in the venture from 26 per cent to 49 per cent whenever the law would allow it. Currently foreign direct investment in the Indian insurance sector is capped at 26 per cent.
The venture’s initial paid-up capital is pegged at Rs 100 crore, the minimum requirement, according to Irda guidelines.
IT major Infosys today signed an MoU with the Madhya Pradesh government for investing Rs 600 crore in its proposed unit in Indore, which will ...