Edelweiss closer to getting insurance licence

Edelweiss Tokio Life Insurance Company, a joint venture between Edelweiss Capital and Tokio Marine, on Monday said it has received the second stage approval, R2, from the regulator IRDA to launch insurance business.

"We have secured the R2 approval from the Regulator... we plan to launch insurance products that will cater to the long term savings and protection needs of the Indian consumers," Edelweiss Tokio Life Insurance Director Deepak Mittal said.

There are three stages of approval required for getting a licence for an insurance company. 'R1' is the preliminary approval given by IRDA wherein the regulator evaluates the promoters.

In the second stage (R2), IRDA looks into the business model of the company and in the third (R3), the regulator looks at the formation of the company.

Tokio Marine is one of the world's largest insurance groups headquartered in Japan. With over 130 years of experience in the insurance sector, it has expanded its reach across geographies in life and non-life insurance sectors.