“This is the first time that any domestic player  has entered in the segment, which is dominated by international players under the exemptions given by the regulator,” said G Srinivasan New India Assurance Company chairman and managing director

Simon Burke, Group Commercial Director, Legal & General said that the company has refocused its insurance business in recent years on the UK and the US and as a consequence we have disposed of a number of operations, including our businesses in The Netherlands, Ireland, France, Egypt and The Gulf. We are now following this strategy in relation to our stake in IndiaFirst Life.

“It must be ensured that no third-party insurance policy is issued or renewed without ascertaining the availability of a valid PUC. In case of transport vehicles, the availability of a valid fitness certification is also mandatory.

The life insurer recorded Individual adjusted first year premium of Rs. 3,215 crore achieving growth of 22% in 2017-18 (FY18). During the reporting period, the Gross Written Premium of the company grew by 16% to Rs. 12,501 crore, while the renewal premium recorded growth of 15% to Rs. 8,152 crore