The insurance regulator IRDAI has received three applications for new non-life businesses and two from reinsurance companies to start operations in India.
Currently, there are 24 companies each in the Indian life and non-life markets. In addition, there are several standalone health insurers and eight reinsurers in the country.
IRDAI member (life, finance and accounts) Nilesh Sathe told the Press Trust of India: "We will be discussing their initial approvals during the board meeting of IRDAI slated for later during the month."
He said that IRDAI has not received any application for new life insurance companies so far, he said, explaining that the life business is highly capital intensive.