Three new players have been given licenses in FY2022-23. Another 20 players which intend to enter country’s life, non-life and reinsurance sector are in the pipeline, said IRDAI on Friday.
Hyderabad:
Finally, the long dry spell of new life players have come an end with insurance regulator IRDAI issuing two new licenses to Acko Life Insurance and Credit Access Life Insurance.
There have been no new players in the Indian life insurance industry since 2011.
With the two new additions, now, there are 25 private sector life insurers in the country, said the IRDAI.
The IRDAI in its last board meeting held in Hyderabad on 25th March, has granted two new certificate of registrations for life players. In its earlier board meeting the regulator had given license to a new non-life player(crop insurer) Khesma.
Together, three new players have been given licenses in FY 2022-23. Another 20 players which intend to enter , life, non-life and reinsurance sector are in the pipeline, said IRDAI on Friday.
Amsterdam based CreditAccess India N.V., promoter of microfinance company Credit Access Grameen, is the promoter of CreditAccess Life Insurance
CreditAccess India N.V currently owns around 74 percent stake in the life insurance subsidiary and the remaining 26 percent has been contributed by domestic partners.
Udaya Kumar Hebbar, managing director and chief executive officer of Credit Access Grameen had earlier indicated that the the capital investment required by the life insurance business had been already entirely managed by the promoter and other domestic partners.
CreditAccess Grameen will not be making any investment in the promoter’s life insurance business.
“CreditAccess Life Insurance will become our captive insurance partner for most of the insurance products as part of corporate agency along with other insurance partners to facilitate the distribution of life insurance to our customers along with end-to-end claim management. We shall ensure that our business with the life insurance arm is at arm’s length, ensuring suitable and cost-effective insurance solutions for our customers,” he had said earlier.