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Saturday, May 14, 2011
Edelweiss Tokio Life received final IRDA approval
Edelweiss Tokia Life has received the final approval required to write life insurance policies in India. The company received the final R3 licence and is hopeful of writing policies from July 2011 onwards, subject to the products being approved by IRDA. Led by Deepak Mittal, Edelweiss Tokia Life is the 24th Life Insurance Company in India. It would be interesting to follow the product and distribution strategies adopted by Edelweiss Tokia Life, given the capping `of charges on Unit linked Policies effective Sep 2010.The Edelweiss stock has also been under significant pressure over the last few months, and this might be a positive trigger for the stock. Given that Insurance penetration is only at 4.5% in India, Edelweiss Life sees a significant potential for growth in the Indian insurance market
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Any news on when Magma HDI General Insurance would get the final IRDA approval? They have received the R1 license in April 2011. How long does it take to get the R2 and R3 after getting R1 on an average?
ReplyDeleteHi Ramit,
ReplyDeleteHonestly, we dont have much of an idea.Assuming all goes smoothly (and that is a big assumption), we would think that it would be a minimum of 6 months before they would be able to write the first policy.