The company plans to launch insurance products soon
Mumbai: Edelweiss Tokio Life Insurance Company Ltd today said that it has received second stage R2 license from IRDA to start operations in the life insurance space.
Edelweiss Tokio Life Inusrance is a joint venture between India’s Edelweiss Group and Japanese insurer Tokio Marine.
“We have secured the R2 approval from the regulator and now keenly await the Certificate of Registration (R3), Thereafter, we plan to launch insurance products that will cater to the long term savings and protection needs of the Indian consumers,” said Deepak Mittal, Director, Edelweiss Tokio Life Insurance.
IRDA issues three stages of approval for starting an insurance company in India. R1 is the primary in-principal approval where the company’s promoters are evaluated. During the second (R2) stage the company’s business model is looked into. The third and final approval grants permission to form the company.
Tokio Marine Holdings, Inc. is the holding company for the Tokio Marine Group which has presence in developed markets like Japan and Singapore and developing markets like China, Malaysia and Thailand.
Edelweiss has interests in investment banking, brokerage services, asset management and financing.