Shriram Life Insurance, which had earlier received R1 licence, has received the R2 licence from IRDA on September 14, the company said.
Chennai-based Shriram Group, a leading conglomerate in the financial sector, has formed a 74:26 life insurance joint venture with South Africa's Sanlam Life Insurance and is expected to start operations by October-end.
Licensing of insurance companies is done in two stages. The first is the R1 stage where the prospective entrant submits a request to IRDA to grant the application for registration.
The prospective applicant has to submit a wide variety of information to IRDA before getting the application for registration. R2 Stage, involves an application for grant of certification of registration.
IRDA, after studying the information provided by the prospective insurer then grants the certification of registration.
