IRDA authorises Kishore Buyani''s Future Generali India''s life, general insurance businesses

The Insurance Regulatory and Development Authority (IRDA) has issued certificates of registration to Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited. to transact the life and non life insurance businesses respectively.

The two companies are a 74:26 joint venture between retail tycoon Kishore Biyani''s Future group and Generali, Europe.

The Future group owns Pantaloon Retail (India) Limited and Pantaloon Industries Limited. The group will invest in the insurance ventures through these two companies.

Generali is one of the Europe''s largest insurance group. Its parent company is Assicurazioni Generali S.p.A., the leading Italian insurance company, founded in Trieste in 1831.

With this sanction, the total number of life and non life insurance companies in India goes up to 17 and 16 respectively.