The Insurance Regulatory and Development Authority of India (IRDAI) has issued a press note on the registration of two life insurers. This press note was issued on 31st March, 2023.
The two new entities that were granted certificate of registration to commence life insurance business are:
- Acko Life Insurance Ltd. and
- Credit Access Life Insurance Ltd.
Hence presently, the total number of life insurers operating in India have gone up to 25. This number had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer.
Interestingly in November 2022, a certificate of registration was granted to a general insurer.
Hence, all of this marks the addition of a total three new insurers in the financial year 2022-23. Moreover, another 20 applications are currently in pipeline at various stages of registration in life, general and reinsurance segments.