SME Times News Bureau | 17 Nov, 2021
Insurance regulator IRDAI has rejected the application of 5Paisa
Insurance Brokers Ltd for a certificate of registration to act as life
and non-life insurance direct broker.
Rejecting the application
of 5Paisa Insurance filed in 2019, the Insurance Regulatory Development
Authority of India (IRDAI) said on Wednesday that only single
registration can be given to one corporate group.
The IRDAI said
5paisa Insurance is part of the India Infoline Group, which already has a
direct insurance broking company -- IIFL Insurance Brokers Ltd.
According
to IRDAI, the promoters and ultimate beneficial owners/shareholders of
5Paisa Insurance and IIFL Insurance Brokers are one and the same, and
both are related parties of IIFL Group and associate companies.
