The bare-bones financing solutions firm today received an approval from IRDA or Insurance regulatory & Development Authority to come alive in the industry.
One of the largest insurance groups in world, Nichido Fire Insurance from Japan has partnered with Edelweiss Group, Tokio Marine and various other financial corporate to set up this new firm.
In the notice released by Insurance Regulatory and Development Authority, Tokio Life has been registered under Section 3 of the Insurance Act 1938 as a life insurer with the issuance of a certificate dated 10th May" 2011. With this registration, the total number of life insurers registered with the Authority has gone up to 24.
Next, the joint venture of various Insurance giants plans to launch insurance products that will cater to the long-term savings and risk coverage of the consumers.