Indiabulls General Insurance gets preliminary approval from Irdai

Indiabulls General Insurance, a subsidiary of Indiabulls Integrated Services, Wednesday said it has received preliminary approval from regulator Irdai to foray into non-life business. In January, another subsidiary Indiabulls Life Insurance Company had received R1 approval from Insurance Regulatory and Development Authority of India (Irdai).

"Indiabulls General Insurance Limited has also received regulatory R1 approval from IRDAI for its proposed general insurance business," Indiabulls Integrated Services said in a regulatory filing. The company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with Irdai to undertake general insurance business in India, it said.