Private insurers seem to be in no hurry to open branches abroad. The insurance regulator has so far not received any application from them seeking approval for opening branches in foreign locations.
“Though the regulator had come up with guidelines on the requests from some insurers, there have been no applications for opening branches abroad from private insurers,” R. K. Nair, Member, Insurance Regulatory and Development Authority (IRDA), told Business Line. Public sector braches are now operating some branches overseas.
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