Irdai grants life insurance registration to Acko & Credit Access Grameen

The Insurance Regulatory and Development Authority of India (Irdai) has granted certificates of registration to Acko Life Insurance and Credit Access Life Insurance, the regulator said in a statement on Friday.

With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011.

“Another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments”, the regulator said.

Acko already operates a general insurance company named Acko General Insurance.

CreditAccess Grameen Limited is the largest microfinance institution of India, which has the largest microfinance market share in the world.