ICICI Prudential Life Insurance on Friday became the fifth private company and third private insurer to receive the certificate of registration from the Insurance Regulatory and Development Authority.
The certificate was granted after ICICI filed a clearance certificate from Reserve Bank of India for foraying into the life insurance business. ICICI had received the clearance on Thursday. RBI, which was debating whether to allow in ICICI as a non-banking financial company, finally granted it clearance as a financial institution.
Speaking to Business Standard, ICICI Prudential chief marketing officer Saugata Gupta said the company had also received the application for 'product file and use' and was planning to file it, detailing its products and their pricing, by the end of the month.
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Last month, IRDA had given ICICI Prudential, along with Max New York Life and Iffco Tokio Marine, an in-principle clearance for a licence and had asked ICICI to get a clearance from RBI for getting the licence. Iffco Tokio Marine, IRDA officials said, was still to file a clarification sought by the regulator.
IRDA had said that RBI