Edelweiss Financial Services is set to enter the generalinsurance industry as the 30th player. The company on Monday said the Insurance Regulatory and Development Authority of India (Irdai) has accepted its registration application (R1) for setting up a general insurance company. The insurer, to be called Edelweiss General Insurance, will be its wholly owned subsidiary.
R1 is the first step of regulatory clearances required for carrying on the business as general insurance company in India. Edelweiss Financial Services is already present in the life insurance sector through Edelweiss Tokio Life Insurance, which is a joint venture with Tokio Marine Holdings of Japan.
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