Insurance Regulatory and Development Authority (IRDA) has given an in-principle approval to the proposed insurance joint ventures of Religare Enterprises and financial service firm Edelweiss Capital.

Edelweiss had applied for Joint Venture to IRDA to enter into Life Insurance market. And Religare who had applied for the Health Insurance joint venture.

Edelweiss that has formed a joint venture with Japanese insurance copmany Tokio Marine Holdings for its Life Insurance Business.

Two public sector lenders, Corporation Bank and Union Bank of India, have picked up five per cent and seven per cent, respectively, in Religare’s standalone health insurance venture.

Both joint ventures may get operational in next financial year. IRDA currently has approved R1 license for both. It is very much likely that IRDA soon will

approve other two licenses that is R2, R3, in the next six months. R1, R2 and R3 are the different stages of approvals of IRDA. R3 is being the final green signal.

Religare which already has joint venture with Netherlands based insurance company for its life insurance named Aegon Religare Life Insurance. Religare

who is present into insurance industry from 2008 and now looking to expand its business with its Health Insurance JV.