Irdai Approves ProTec General Insurance for Operations

The Insurance Regulatory and Development Authority of India (Irdai) has given permission to a new insurance company called ProTec General Insurance to start working in India.

This company is supported by the M Pallonji Group and a partner from a private equity firm.

The approval was given at a recent meeting.

ProTec is the fourth insurance company to get approval this year.

Irdai also made some new rules to make insurance sales more accountable and to give insurance companies more flexibility in how they operate and invest money.

This is part of a bigger change that allows more foreign investment in Indian insurance companies.