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Reliance General Insurance Company Ltd. has received the first level approval from Insurance Regulatory Development Authority (IRDA) to initiate a separate, new health insurance unit. On Monday, August 28th, IRDA in a board meeting gave approval to the insurer for a separate health insurance arm for its general insurance business. In general, the insurance business needs three levels of approvals to begin an operation, and there are two more to go for Reliance General Insurance Company.
The company will receive a formal notice on the same in another 3-4 days, as communicated. However, an email quarry to Reliance General seeking confirmation is unanswered.
Currently, the company’s business is spread over 175 branches across the country. As per the recent report, company’s premium from health insurance business cut down to Rs. 344 crore as on March 31st - almost 36% reduced as compared to the same period last year.
The board of Directors, Reliance General had already approved to transfer the existing retail health insurance unit to a standalone, owned subsidiary of Reliance Capital. This will further benefit Reliance Capital to raise its bet on India’s growing health insurance sector.
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