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IRDAI has given go ahead to two new companies - Acko Life Insurance and Credit Access Life to start life insurance business. Notably, this is the first approval after 2011, when the regulator issued its last certificate of registration.
“With these two additions, the total number of life insurers operating in India has gone up to 25, which had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer”, said IRDAI in a press release.
Earlier in FY 2022-23, the regulator had granted registration to one general insurer. The total number of new insurers in the said financial year thus stands at three.
“Another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments”, said IRDAI.