The Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has granted licences to Acko Life Insurance Ltd and Credit Access Life Insurance Ltd.

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"In the 121st meeting of Insurance Regulatory and Development Authority of India held on 25th March 2023 (sic), two new entities namely Acko Life Insurance Ltd. and Credit Access Life Insurance Ltd. were granted a certificate of registration to commence life insurance business," the insurance regulator said in a press note.

With these two additions, the total number of life insurers operating in India have gone up to 25. This number had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer.

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This comes after the grant of registration to a general insurer in the Authority’s 120th meeting held in November 2022, marking the addition of a total of three new insurers in the financial year 2022-23, it said.

Another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments, it added.