Fairfax Group-backed Go Digit gets IRDAI’s licence for life insurance coverage biz in India

Go Digit Life Insurance coverage Ltd, backed by Canada-based Fairfax Group, has actually gotten the life insurance coverage company licence from the Insurance coverage Regulatory and Advancement Authority of India (IRDAI) on Friday (June 9). Cricketer Virat Kohli and his star better half Anushka Sharma are amongst the financiers in the company.

With this, Fairfax Group has actually ended up being the 25th life insurance company in the nation. The licence to Go Digit Life Insurance coverage is the 4th life insurance coverage company licence released by IRDAI this year.

IRDAI, in a declaration, stated: “IRDAI, in its 122nd conference hung on 2 June 2023, has actually approved the certificate of registration to a brand-new life insurance company, particularly, Go Digit Life Insurance coverage to bring life insurance coverage company in India.”

Previously, IRDAI Chairman Debasish Panda worried on the requirement for more gamers in the market to grow the insurance coverage sector and boost penetration.

Go Digit, which is a tie-up in between Watsa’s Fairfax and insurance coverage market veteran Kamesh Goyal, uses motor insurance coverage, medical insurance, travel insurance coverage, residential or commercial property insurance coverage, marine insurance coverage, liability insurance coverage, and other insurance coverage items.

Go Digit is among the very first non-life insurance providers in the nation, which completely runs on the cloud. The business has actually established application shows user interface (API) combinations with a number of channel partners.

In April this year, Go Digit General Insurance coverage Ltd refiled its initial IPO documents with Sebi after ensuring modifications to its staff member stock gratitude rights plan.

In January, Sebi returned Go Digit’s draft IPO documents and asked the business to refile the files with particular updates.

Go Digit’s proposed IPO makes up fresh issuance of equity shares worth Rs 1,250 crore and a deal for the sale of 10.94 crore equity shares by a promoter of Go Digit Infoworks Providers and existing investors.

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