Mumbai, Oct 13 (PTI) Regulator Irdai has receivedthree applications for non-life business and two fromreinsurance companies to start operations in India.
Currently, there are 24 companies each in life andnon-life insurance spaces. Besides, there are six standalonehealth insurers and eight reinsurance companies in thecountry.
However, there is no application pending for any newlife insurance company with the insurance regulator atpresent, a senior Irdai official said.
"We have received three applications for non-lifeinsurance and two from reinsurance companies who want to settheir shops within the country.
"We will be discussing their initial approvals duringthe board meeting of Irdai slated for later during the month,"Irdai member (life, finance and accounts) Nilesh Sathe toldPTI here today.
He was talking on the sidelines of an insurance summitorganised by the National Insurance Academy.
Irdai has not received application from any new lifeinsurance company so far, Sathe said.
He said the life insurance business is highly capitalintensive and hence no new player is coming up to join thespace.
According to Sathe, Irdai, headquartered in Hyderabad,will be shortly shifting to a new premises in the same city.
"The new corporate office of Irdai will be unveiled onNovember 27 and by December 1, we will start working from thenew office," he said.
Prime Minister Narendra Modi is likely to unveil thenew six-storey building of the insurance regulator, he said.
PTI KDRSY.
This is unedited, unformatted feed from the Press Trust of India wire.