The Insurance Regulatory and Development Authority of India (IRDAI) has approved two new life insurance companies..

“In the 121st meeting of Insurance Regulatory and Development Authority of India two new entities namely Acko Life Insurance Ltd. and  Credit Access Life Insurance Ltd. were granted certificate of registration to commence life insurance business,” the regulator said in a release.

 With these two additions, the total number of  life insurers operating in India have gone up to 25, which had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer

“This comes after the grant of registration to a general insurer in the Authority’s 120th meeting held in November 2022; marking addition of a total three new insurers in the financial year 2022-23,” IRDAI said.

Another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments, it added.