The Insurance Regulatory and Development Authority of India (IRDAI) has cancelled the licence of ITI Reinsurance, as the firm was unable to start doing business within the stipulated period.
Investment Trust of India (ITI), formerly known as Fortune Financial Services, was granted its reinsurance licence in December 2016. However, it did not do any reinsurance business for the next two years, which was the period given by IRDAI to start operations, Moneycontrol reported.
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