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Religare-Union bank, Edelweiss-Tokio JVs get initial nod from IRDA

Last Updated: Jan 05, 2011 | 2924 Views

IRDA showing thumbs up to religare and edelweissReligare enterprises and Edelweiss Capital get an in-principle nod for a proposed joint venture, from the Insurance Regulatory and Development Authority (IRDA).

Edelweiss and Japan’s Tokio Marine Holdings have formed a joint venture (JV) to enter the life insurance space. Religare already has its presence in the life insurance segment with media conglomerate Bennett Coleman and Company Ltd and Aegon.

Last Tuesday, in a board meeting, IRDA gave an R2 approval to Edelweiss-Tokio Life and Religare-Union bank Health Insurance.

For any company to obtain an insurance license, they have to undergo 3 stages of approval. R1 is the initial preliminary approval wherein IRDA evaluates their promoters. R2 is the second stage of approval which involves IRDA looking into their business model. The third and final stage of approval involves formation of the company.

Both the companies can look forward to starting their insurance operations very soon. 

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