Policybazaar secures upgraded license to include reinsurance services

Move comes amid regulator's amendments to foster a more conducive environment

Policybazaar secures upgraded license to include reinsurance services


By Kenneth Araullo

Policybazaar Insurance Brokers has been granted in-principle approval by the Insurance Regulatory and Development Authority of India (IRDAI) to expand its license to include reinsurance services.

This regulatory nod, detailed in a company exchange filing dated February 16, 2024, marks a significant milestone, allowing the firm to transition from a direct insurance broker to a composite insurance broker under the IRDAI Regulations, 2018.

The move also comes in the wake of IRDAI’s recent amendments to reinsurance regulations, aimed at fostering a more conducive business environment and attracting additional reinsurance entities to establish operations within the country.

PB Fintech, the umbrella organization for the insurtech platforms Paisabazaar and Policybazaar, also observed a 43% increase in total operating revenue, reaching INR871 crore for the quarter under review, up from INR610 crore in the same quarter of the previous fiscal year.

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