SECTORAL watchdog Insurance Regulatory and Development Authority (Irda) on Tuesday gave its second stage approval to joint ventures of Religare-Union Bank for their health insurance venture and Edelweiss-Tokio for life insurance business.

In Tuesday’s board meeting, Irda has given R2 approval to Religare-Union Bank Health Insurance and Edelweiss-Tokio Life, J Hari Narayan, chairman, Irda, said.

There are three stages of approval required for getting a licence for an insurance company. R1 is the prelim inary approval, whe rein the regulator evaluates the promoters.

In the second stage (R2), Irda looks into the business model of the company and in the third (R3), during the formation.

Religare is already present in the life insurance segment with Aegon and Bennett, Coleman and Company.
Source :- My Digitalfc