Indiabulls Integrated Services, has received preliminary approval from regulator Irdai to foray into non-life insurance business.
“Indiabulls General Insurance Limited has also received regulatory R1 approval from IRDAI for its proposed general insurance business,” Indiabulls Integrated Services said in a regulatory filing.
The company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with Irdai to undertake general insurance business in India.
About thirty four players are already there in the field of non-life or general insurance business & with the entry of india bulls the cout will go up to thirty five. The four public sector companies are the main players but with the entry of new Pvt sector co’s, in the non-life insurance vertical, the share of public sector companies down every year.