IRDA issues ‘in-principle’ approval for 12 broking companies

New Delhi: The Insurance Regulatory and Development Authority (IRDA) has issued ‘in-principle’ approval for 12 insurance broking companies. Of these, eight are direct-broking licences and four composite-broking licences.

The eight direct licences are for Alankit Insurance Services, Acme Insurance Services, Armour Consultant, India Insure Risk Management, Helios Insurance Services, Excellent Insurance Broking Services, First Policy Insurance Advisor and Unicon Insurance Broker.

The ‘in-principle’ approval means that applicants will have to meet the capitalisation and other conditions. Totally 29 applications for insurance broking were received by IRDA.