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Four more pvt firms to enter insurance sector
Applications from four more companies seeking to enter the insurance sector are under the consideration of Insurance Regulatory Development Authority (IRDA), according its chairman N Rangachari.
Applications from four more companies seeking to enter the insurance sector are under the consideration of Insurance Regulatory Development Authority (IRDA), according its chairman N Rangachari.
Among the four, Sahara Life is to foray into life insurance while the rest wanted to offer general insurance, he told reporters in Trichirappali.
The other applicants are ECGC, Cholamandalam and Hero Honda. ECGC had offered to provide general insurance in partnership with New India Insurance, he said.
Hero Honda was trying to collaborate with a Zurich based company in association with Punjab National Bank.
Referring to the 16 companies already functioning, he said six of them had sold policies worth about Rs 20 crore in about seven months since their inception.
Asserting that the authority had full control over the private players in the sector, he said if any company failed to adhere to the prescribed stipulations, IRDA had all the powers to correct them or even shut down their operation.
The companies should submit copies of the advertisement campaigns prior to launching and IRDA would take about a month`s time to study `policy profiles` before floating it in the market. Apart from this, media reports would also be taken into cognizance, he added.
It would be statutory for the companies to perform in rural areas on the basis of 1991-2001 census, he said. Bureau Report
Among the four, Sahara Life is to foray into life insurance while the rest wanted to offer general insurance, he told reporters in Trichirappali.
The other applicants are ECGC, Cholamandalam and Hero Honda. ECGC had offered to provide general insurance in partnership with New India Insurance, he said.
Hero Honda was trying to collaborate with a Zurich based company in association with Punjab National Bank.
Referring to the 16 companies already functioning, he said six of them had sold policies worth about Rs 20 crore in about seven months since their inception.
Asserting that the authority had full control over the private players in the sector, he said if any company failed to adhere to the prescribed stipulations, IRDA had all the powers to correct them or even shut down their operation.
The companies should submit copies of the advertisement campaigns prior to launching and IRDA would take about a month`s time to study `policy profiles` before floating it in the market. Apart from this, media reports would also be taken into cognizance, he added.
It would be statutory for the companies to perform in rural areas on the basis of 1991-2001 census, he said. Bureau Report