The Hindu Business Line : Sahara group gets nod for insurance foray

The IRDA Chairman, Mr N. Rangachary, told newspersons in the sidelines of a seminar organised by the Bombay Chamber of Commerce and Industry on the issue of insurance broking regulations that the IRDA had issued R1 permission to the Sahara group, indicating the approval for the company to enter insurance business subject to meeting further regulatory requirements. Sahara's foray into the life insurance business will take the total number of companies in the insurance industry to 26.

Speaking on the issue of insurance broking, Mr Rangachary said the IRDA had received 43 applications for insurance broking and had issued 12 letters of intent to conduct business. Of these, three companies had foreign equity stake. The entities would have to bring in the stipulated capital and recruit qualified personnel. The IRDA has called thems for personal discussions after which the matter will be taken further, he said.

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