The Insurance Regulatory and Development Authority (Irda) has given an in-principle approval to the proposed insurance ventures of Religare Enterprises and financial services firm Edelweiss Capital.
Edelweiss has formed a joint venture with Japanese insurer Tokio Marine Holdings to enter the life insurance space.
Two public sector lenders, Corporation Bank and Union Bank of India, have picked up five per cent and seven per cent, respectively, in Religare’s standalone health insurance venture.
Both can possibly start operation in the next financial year. Irda is likely to approve the other two licences, R2 and R3, in the next six months. R1, R2 and R3 are the different stages of approval granted by Irda, with R3 being the final go-ahead.
Earlier, Religare Enterprises had formed a JV with Switzerland-based Swiss Re to enter the health insurance space. The company, however, parted ways with Swiss Re and decided to seek a licence from Irda after looking for a partner for a couple of months.
Religare already has a presence in life insurance. In early 2008, it entered into a tie-up with the Netherlands-based insurer, Aegon.