The Insurance Regulatory and Development Authority of India (Irdai) on Monday approved two insurance entities — Allianz Jio Reinsurance and Kiwi General Insurance — to begin operations in the country.
In a press release following its 134th board meeting, the regulator said it had granted certificates of registration to one reinsurer and one general insurer.
“The Authority accorded approval for the grant of certificate of registration to two insurance entities. Approval was granted to one reinsurer, Allianz Jio Reinsurance Limited, and one general insurer, Kiwi General Insurance Limited, enabling them to undertake business in accordance with the applicable regulatory framework,” Irdai said.
The Irdai board also deliberated on the regulatory framework required following the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (SBSR Act). The Act was notified on December 21, 2025, and came into force on February 5, 2026.
“To expedite the regulatory alignment process and incorporate reforms under the SBSR Act, the Authority granted in-principle approval for drafting and publishing draft regulations for stakeholder consultation,” Irdai said.
Kiwi General Insurance is backed by US-based private equity firm WestBridge Capital and Neelesh Garg, former managing director and chief executive officer of Tata AIG General Insurance.
Allianz Jio Reinsurance is a 50:50 joint venture between Allianz Group and Jio Financial Services. Germany’s Allianz Group partnered with Jio Financial Services after exiting its joint venture with Bajaj Finserv, where it held a 26 per cent stake in both the life and non-life companies.
At present, apart from state-owned GIC Re, Valueattics Re is the only domestic reinsurer. There are also 11 foreign reinsurance branches (FRBs) set up by global reinsurers such as Allianz Re, Munich Re, Swiss Re, and Lloyd’s of London operating in India, along with around 280 cross-border reinsurers.
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