IRDA to accept insurance applications from Aug 16

New Delhi, Aug 10: "The applicants have been advised by the authority to familiarise themselves with the regulations and the provisio...

New Delhi, Aug 10: "The applicants have been advised by the authority to familiarise themselves with the regulations and the provisions of the Insurance Act, 1938 and apply in formats prescribed under the regulations," an official release said here.

Government has already notified 10 sets of guidelines pertaining to applications for licences, life and general insurance sector, rural and social sector obligations on July 19.

The release said regulations dealing with accounting and investments areas will be notified shortly, thereby completing the entire set of guidelines for the sector after its opening up for the private sector.

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As per the time schedule prescribed for itself, IRDA is expected to issue the first insurance licence in the private sector by Diwali.

Major insurance companies like Sun & Life, Prudential, Allianz, Royal & Sun, New York Life Insurance among others have already tied up with local companies to enter into the lucrative domestic insurance sector, which till now was the monopoly of state-owned Life Insurance Corporation (LIC) and General Insurance Corporation (GIC).