L&T General Insurance to launch ops in 3-5 months

L&T General Insurance is ready to launch its operations in the next three-five months, a top company official said.

The company, a part of the L&T group, has already got the R1 licence from Insurance Regulatory and Development Authority (IRDA).

"We received the R1 licence from IRDA on February 9 and plan to launch our operations in the next 3-5 months," L&T General Insurance Chief Executive Joydeep Roy told reporters here today at an insurance summit.

R1 is the initial approval given by the sectoral regulator. L&T General Insurance applied for R1 licence in last September.

There are two more stages of approval required before launch of operations of an insurance company--one is R2 where the regulator looks into the business model and R3 wherein it looks at the formation of the company.

The initial capital base of the general insurance venture of L&T will be Rs 110 crore, Roy said.

L&T General Insurance would be the 23rd player in the domestic general insurance sector. SBI General Insurance was the last firm to have received the IRDA nod.