Go Digit Life Insurance receives IRDAI's approval to start business

The Insurance Regulatory & Development Authority of India has granted certificate of registration to Go Digit Life Insurance to start business in India, the regulator said in a statement.

“With this, the number of insurers operating in life insurance segment has gone up to 26,” IRDAI said. “This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment,” it added.

In August last year, Go Digit General Insurance, which is backed by Canadian Prem Watsa’s Fairfax and Kamesh Goyal, filed draft red herring prospectus (DRHP) to raise around Rs 5,000 crore through an initial public offering (IPO) that will include fresh issuance of equity shares and an offer-for-sale.

On March 31, Acko Life Insurance and Credit Access Life Insurance were allowed to carry out life insurance business. While allowing Acko and Credit Access Gramin, the regulator said another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments.