Irdai gets 2-3 applications for starting non-life ventures

The Insurance Regulatory and Development Authority of India (Irdai) has received 2-3 applications from domestic companies keen to launch non-life ventures in the country, a top official said today.
"Some 2-3 applications have come to us for non-life insurance ventures," Irdai Chairman T S Vijayan told PTI here.
"However, I can't tell you the names of the applicants," he said, speaking on the sidelines of an event.
This is apart from some foreign and domestic reinsurers which have already received R1 and R2 approval from the regulator. Five foreign reinsurers -- Swiss Re, Hannover Re, Munich Re, SCOR and RGA -- and one domestic reinsurer - ITI Re - have received the R2 approval from the watchdog.

Foreign reinsurer XL Catlin has received R1 approval while another foreign reinsurer Gen Re has just applied before Irdai for licence to kick off its branch operations in India.
R1, R2 and R3 are the three approvals an insurance company requires before starting its business.

On steps being taken by insurers towards cyber security, he said a committee has been set up by the regulator to look into the matter.
"We have set up a committee to look into the cyber security aspect by insurers for their own internal operations. Its report is likely to come to us soon. We will give our directions once we receive the report," he said.

He hailed insurers for doing a good job on cyber security, "but still Irdai needs to analyse the issue".
On demonetisation, he said availability of valid notes is an issue that is affecting premium payment, particularly in rural areas.
Asked if domestic reinsurer ITI Re, which has already got the R2 level of approval, will get obligatory cess at par with GIC Re, Vijayan said: "Reinsurance Advisory Committee of Irdai was discussing the issue with all players concerned, including foreign reinsurers which were under process of getting licence. Once the committee submits its report, we will take a call on the issue."

On mandatory listing of insurance firms, Vijayan said: "We have received a host of responses on the discussion paper which had been released by us in the past. However, we are yet to take a final call on the issue.