IRDA allows insurers to set up business abroad

Regulator IRDA has allowed insurers with sound financial health and a minimum of three years of operations to set up business in other countries.

Companies had been for long seeking permission from the Insurance Regulatory and Development Authority (IRDA) to open foreign insurance companies, as well as branch offices abroad to exploit markets overseas.

IRDA has issued guidelines for Indian companies to set up life, general or reinsurance business abroad.

As per the norms, life and general insurance companies with a minimum net worth of Rs 500 crore and Rs 250 crore, respectively, can apply for setting up of foreign business.

Read more >>Click here