Edelweiss Tokio Life Insurance Company Limited got its final stage R3 (Certificate of Registration) clearance from the Insurance Regulatory & Development Authority (IRDA) in order to operate in the Life Insurance space.
Earlier, the Insurance Regulatory & Development Authority (IRDA) had given the R1 and R2 consent to Edelweiss Tokio Life Insurance Company Limited.
There are three stages of approval required for getting a licence for an insurance company.
R1 (or first phase) is the preliminary approval given by IRDA wherein the regulator evaluates the promoters. In the second stage (R2), IRDA looks into the business model of the company and in the third (R3), it looks at the formation of the company.
Edelweiss Tokio Life Insurance Company Limited is a joint venture between the Edelweiss Group which is the country’s leading diversified financial services conglomerate and Tokio Marine.
Tokio Marine is one of the world’s largest Insurance group headquartered in Japan.