Insurance regulator IRDAI forms committee to vet licence applications

The Insurance Regulatory and Development Authority of India has established a committee. This is to assess license applications from two general insurers. The move follows a four-month vacancy in the chairman's position. The panel will evaluate pr...

By Shilpy Sinha, ET Bureau | Jul 15, 2025, 12.30 AM IST

In the absence of a chairman for four months, the Insurance Regulatory and Development Authority (IRDAI) Monday constituted a committee to review licence applications from two proposed general insurers, people familiar with the matter said.

The proposals are from a venture backed by the M Pallonji Group and another by the WestBridge Capital backed Kiwi General Insurance.

The panel, comprising IRDAI's member (life), member (non-Life), and member (actuary), was formed earlier Monday and would scrutinise the eligibility of both applicants, said the sources cited above.

This formation of the committee comes after delays in clearing a new insurance license since IRDAI chairman Debasish Panda's superannuation mid-March.

"R1 applications are usually approved at the chairman's level and are not formally taken up in authority meetings," said a source. "In the absence of a chairman, a committee has been set up to examine these proposals."

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