IRDA nod for Reliance, Tata-AIG insurance

NEW DELHI, JAN. 12. Reliance Life Insurance and Tata-AIG General Insurance today said they have obtained ``in principle'' permission from the Insurance Regulatory and Development Authority (IRDA), sources said here today.

The IRDA sources said the authority has given `in principle' permission to the Reliance Life Insurance and Tata AIG General Insurance in its last meeting here.

The Reliance sources confirmed the move, and said the company would have to bring in about Rs. 200 crore to get the final approval. The group obtained licence for General Insurance before Diwali last year.

Meanwhile, spokesperson from Tata-AIG from Mumbai said that their application for life insurance was pending with the IRDA.

While Reliance has decided to go solo in both their insurance ventures, the Tatas have entered into a 74:26 venture with American Insurance Group (AIG) for both life and non-life ventures.

- PTI

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Section  : National
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