The insurance regulator IRDAI is having its next board meeting on Dec 21 to consider its preliminary nods for the entry of few players into the domestic insurnace sector..
Though, the details of agenda of the board meeting is not yet known, it is expected that some pending issues like approvals of licenses to a few new players will be the focus of the meeting.
“It is almost over one year that no new players have got licenses to enter the Indian insurnace sector. In life insurnace industry, there have been no new players for almost last four years,'' said analysts .
Some well known names like Paytm and Indiabulls group and a few other companies, backed by Private Equity Funds, have already applied for licenses some time ago, to float life , general and exclusive health insurance companies to the IRDAI.
Also among the new applicants, there is a company, which wants to set up the country’s first Dental Insurance company.
However, IRDAI in its last two board meetings had not been able to find time to consider granting various levels of licenses, starting with R1 , to these companies.
Indiabulls group,owning the second largest private sector housing finance company in the country, is once again looking to expand into the life insurance business. Prominent enterpreneur Laxmi Narayan Mittal is a major promoter in Indiabulls.
Backed by two major global conglomerates SoftBank and Alibaba, Vijay Shekhar Sharma led Paytm earlier had now incorporated two Insurance companies: Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd.,
As per MCA filings, Vijay Shekhar Sharma, Shankar Prasad Nath and Madhur Deora are three signatory stakeholders in both the companies,
With an initial paid-up capital / authorised capital of $15,390 (INR 1 Mn), both the companies have been classified as public companies, limited by shares.
While, how much amount will be floated to these two companies from the Paytm’s parent company, Vijay Shekhar in his personal capacity as well as from other signatories is still unclear.