Religare Health 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 General Insurance space. Religare Health Insurance Company Limited is promoted by Religare Enterprises Limited, Corporation Bank and Union Bank of India. With this registration, the total number of general insurers registered with the Authority has gone up to 25.
Earlier, the Insurance Regulatory & Development Authority (IRDA) had given the R1 and R2 consent to Religare Health 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. R3 is the final step, which, once granted, allows the company to start operations.