Chennai, Nov 17 (IANS): 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.