Four firms seek insurance licence

Mumbai: The Insurance Regulatory and Development Authority (IRDA) has received applications from four new companies seeking to enter the general insurance sector.

The four applicants are: Sahara Life, a member of the Sahara group of companies; the Export Credit and Guarantee Corporation of India (ECGC); the Cholamandalam group; and the Hero Honda group. IRDA is considering the applications.

ECGC, a government arm, proposes to enter the sector in partnership with the New India Insurance Company.