The Insurance Regulatory and Development Authority of India (IRDAI) has issued registration certificates to new reinsurer Allianz Jio Reinsurance Limited and new general insurance company Kiwi General Insurance Limited.
The approval was passed at the 134th meeting of the Authority on March 9, 2026, enabling the two companies to conduct business in accordance with the applicable regulatory framework.
Kiwi General Insurance received approval for its R1 application in July 2025, which is the first stage of the insurance company registration process. The new insurance company was co-founded by Neelesh Garg, former MD and CEO of Tata AIG General Insurance.
In September 2025, Allianz Europe BV and Jio Financial formally established a reinsurance joint venture in India and named the new entity Allianz Jio Reinsurance Limited.
Last week, Jio Financial Services Limited was allotted 14,74,50,000 shares of Allianz Jio Reinsurance Limited worth Rs 10 each, taking the company’s total investment in the joint venture to Rs 150 crore.
The two new approvals follow the enactment of the Insurance Laws Amendment Bill, 2025 (SBSR Bill), which came into effect on February 5, 2026. One of the features of the bill is to allow 100% foreign direct investment (FDI) in the country’s re/insurance sector to achieve the goal of “Insurance for All by 2047”.
The regulator explained that the legislation amends the Insurance 2 Act, 1938 and the IRDA Act, 1999, necessitating the formulation of new regulations and amendments to existing regulations to align the regulatory framework with the provisions of the new law.
During the meeting, IRDAI also reviewed the regulatory framework required for the enactment of the SBSR Act.
In order to expedite the process of regulatory harmonization and incorporate reforms in the SBSR Act, IRDAI has also given in-principle approval for draft regulations to be drafted and issued for consultation by stakeholders on the required regulations.
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