2 applications for general insurer licence pending with IRDAI

Insurance regulator IRDAI has received two applications for new general insurers, one reinsurer and a standalone health insurance company, all pending for approval, a senior official said today.
"As of now there are two applications for new general insurers, one reinsurer and a standalone health insurance company pending with us," IRDAI member (non-life) P J Joseph told PTI on the sidelines of an event here.
However, he didn't disclose their names.
Talking about the industry, he said the sector has registered a growth of 30 per cent in the first nine months of the current fiscal and crossed Rs 1 trillion in business as on January-end and was likely to cross Rs 1.2 trillion by the fiscal-end.

"You tell me which industry has achieved this growth level," he said.
IRDAI is examining the issue of raising third party motor premium. "We are currently examining the third party motor premium rates which will come into effect from April 1."

On the issue of solvency margin being less than the regulatory requirement of 1.5 in case of two state-owned general insurers - National and Oriental - he said, "We have asked them to meet the regulatory requirement and being state- owned, they are well aware of the fact."
At present, the state-owned reinsurer GIC Re is the only company which enjoys the status of obligatory cess. There are five global reinsurers and one domestic reinsurer ITI Re which have been given final nod by IRDAI (to open their branches in the country.

"As far as regulation was concerned all the domestic reinsurers must have the obligatory cess facility with them. So, being a local reinsurer, it's quite obvious of ITI Re to seek the status," he said.