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Three insurance companies granted permission for registration

In a move to end state monopoly in the insurance sector, Insurance Regulatory and Development Authority (IRDA) today granted permission for registration of three private companies while giving in-principle clearance to three others.

"The three companies -- Reliance General Insurance Company, HDFC-Standard Life Insurance Company and Royal-Sundaram Insurance -- were granted registration under Section 3 of the Insurance Act of 1938," sources said.

Three other companies -- ICICI-Prudential Life Insurance, Max-New York Life Insurance and IFFCO-Tokyo Marine General Insurance Company-- have been given in-principle approval for registration.

IRDA had earlier announced that the first batch of licences would be granted by Diwali.

So far, ten companies have applied to the IRDA for insurance licence.

Public sector banks including State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India and Corporation Bank, are also preparing to enter the insurance market.

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