Go Digit gets IRDAI nod to commence life insurance operations
Go Digit owned by Prem Watsa and backed by Fairfax Group has been approved by the Insurance Regulatory and Development Authority of India (IRDAI) to start life insurance operations.
IRDAI at 122Abbreviation II The meeting held on 2nd June 2023, granted the certificate of registration for a new life insurance company, namely Go Digit Life Insurance Limited to carry out life insurance business in India.
In August – September 2022, HDFC Bank And Axis Bank said they would get the deal Up to 9.94 per cent of each share in Go Digit Life Insurance through an investment of Rs 50-70 crore, possibly in tranches, subject to execution of certain terms and agreements.
Digit Insurance already has general insurance operations through Go Digit General Insurance, which It returned its initial papers to the public With SEBI in April 2023 after making some changes to the employee stock appreciation scheme. It offers auto, health, travel, property, marine, and liability, among other products.
This is the Fourth registration granted by IRDAI Over the past year, including both life and non-life parts. With this, the number of life insurance companies in India has increased to 26, the regulator said.
IRDAI Chairman Debasish Panda emphasized the need for more market players to grow the insurance sector and increase penetration. The regulator granted licenses to Kshema General Insurance, Credit Access Life Insurance and Acko Life Insurance in FY23.
In April, Panda said IRDAI was considering 20 more applications for new insurers, adding that the regulator was urging applicants to speed up the paperwork.