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A certificate of registration has been granted by the Insurance Regulatory and Development Authority of India to Go Digital Insurance to start a business in India. In a statement, the regulator said, “With this, the number of insurers operating in the life insurance segment has gone up to 26,” IRDAI said. “This is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment,” they added.
Go Digital Insurance which is backed by Canadian Prem Watsa’s Fairfax and Kamesh Goyal, last August files a draft red herring prospectus (DRHP) which is a document that is prepared to introduce a new business or product to a potential investor. This document communicates the product vision and target audience. By doing so they raised Rs. 5,000 Cr in initial public offering (IPO) that included fresh issuance of equity shared and offer-for-sale.
Acko Life Insurance and Credit Access Life Insurance were allowed to carry out life insurance business on March 31. When the approval for Acko and Credit Access came out, the regulator said another 20 applications were in the pipeline at different stages of registration.
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