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IRDA grants licence to ten companies

The Insurance Regulatory and Development Authority has granted licence to 10 private companies to operate in the country. Of these four are in the general insurance sector and six in life insurance, said IRDA Chairman N Rangachary.

Rangachary, who was here to attend a round table on pension products organised at the Indian Institute of Management, told reporters that proposals from the Tatas and ING-Vysya Bank for life insurance and ICICI-Lombard and Bajaj Auto for general insurance sector were pending before the IRDA.

At least two of them are expected to be cleared by February 10.

Rangachary said IRDA would submit a discussion paper on pension schemes to the Union government in about a fortnight.

He noted that while only 11 per cent of the working force in the country enjoyed the pension benefit now, pension schemes to meet the needs of 310 million uncovered working force would be a reality in a year.

He informed the gathering that the Union government had formed a Group of Ministers under the chairmanship of Planning Commission Deputy Chairman K C Pant on the pension schemes.

He, however, added that the government would float pension products only after ensuring a proper regulatory mechanism.

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