Regulator Irdai has received three applications for non-life business and two from reinsurance companies to start operations in India.
Currently, there are 24 companies each in life and non-life insurance spaces. Besides, there are six standalone health insurers and eight reinsurance companies in the country.
However, there is no application pending for any new life insurance company with the insurance regulator at present, a senior Irdai official said.
"We have received three applications for non-life insurance and two from reinsurance companies who want to set their shops within the country.
"We will be discussing their initial approvals during the board meeting of Irdai slated for later during the month," Irdai member (life, finance and accounts) Nilesh Sathe told
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