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.
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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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