Religare Health has received the R2 licence from IRDA

Religare Health Insurance Company Ltd has received the R2 licence from the Insurance Regulatory and Development Authority (IRDA). The shareholders of Religare Health Insurance are Religare Enterprises Ltd, Union Bank of India and Corporation Bank.

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.