L&T General Ins plans to start operations in next 3-5 months

MUMBAI: L&T General Insurance is readying to launch its operations in the next 3-5-months, a top company official said.

The company, a part of the L&T group, has already got the R1 licence from insurance regulator, Insurance Regulatory and Development Authority (IRDA).

"We received the R1 license from IRDA on February 9 and plan to launch our operations in the next 3-5-months," L&T General Insurance Company's Chief Executive, Joydeep Roy, told reporters in Mumbai on Wednesday at an insurance summit.

L&T General Insurance applied for R1 license in September last year. R1 is the initial approval given by IRDA.

There are two more stages of approval required before launch of operations of an insurance company.

These are R2 where the regulator looks into the business model of the new insurance company and R3 wherein IRDA looks at the formation of the company.

The initial capital base of the general insurance venture of L&T, will be Rs 110-crore, Roy said.