Irdai accepts registration withdrawal plea of Paytm General Insurance

Fintech firm One97 Communications, owner of the Paytm brand, will now focus on the distribution of insurance products of other insurers after the sector regulator Irdai has accepted Paytm General Insurance's registration withdrawal application.

Paytm General Insurance Limited had approached the Insurance Regulatory and Development Authority of India (Irdai) for the withdrawal of its application for registration as a "General Insurance Company" for being a manufacturer of general insurance products.

"We have been further informed by PGIL that its request for withdrawal of aforesaid application has been accepted by IRDAI vide letter dated June 12, 2024. As mentioned in our previous communication, the move aligns with our focus towards doubling down on insurance distribution across Health, Life, Motor, Shop & Gadgets segments, facilitated through our wholly-owned subsidiary Paytm Insurance Broking Private Ltd(PIBL)," Paytm said.

Paytm said that it aims to innovate on small ticket insurance products for consumers and merchants alike by focusing on small-ticket general insurance offerings along with our partners and leveraging the strength of Paytm's distribution to increase insurance penetration to a wider audience.