Insurance Regulatory and Development Authority (IRDA) gave its second stage approval to joint ventures of Religare and Union Bank for their health insurance venture and Edelweiss-Tokio for life insurance business.
IRDA has given R2 approval to these joint ventures. There are three stages of approval required for getting a licence for an insurance company. R1 is the preliminary approval, wherein the regulator evaluates the promoters. In the second stage (R2), Irda looks into the business model of the company and in the third (R3), at the formation of the company.
Religare is already present in the life insurance segment with Aegon and Bennett, Coleman and Company.
Tokio Marine is a Japan-based life insurance company.
For more on this, read EconomicTimes
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