IRDAI has given its go ahead to Edelweiss Financial Services to set up a non-life business in India.
In its corporate announcement on BSE, the company has said, “IRDAI has accepted the registration of application for setting up a general insurance company in India, filed by Edelweiss General Insurance Industry, a wholly owned subsidiary. This is the second stage of regulatory clearances required for carrying on the business general insurance.”
The company, which has a life insurance business, will now tap the non-life insurance industry currently comprising 28 players.
Edelweiss Financial Services has interests in services ranging from retail finance, debt capital markets, commodities, financial markets, wealth management and asset management.