The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to new reinsurer Allianz Jio Reinsurance Limited, and new general insurer Kiwi General Insurance Limited.
The approvals were passed at the 134th Meeting of the Authority, held on 9th March 2026, and enables the two companies to undertake business in accordance with the applicable regulatory framework.
Kiwi General Insurance was approved for the R1 application, the first stage of the registration process for an insurance company, back in July 2025. The new insurer was cofounded by Neelesh Garg, the former Managing Director and Chief Executive Officer of Tata AIG General Insurance.
In September 2025, Allianz Europe B.V. and Jio Financial formally incorporated their reinsurance joint venture in India, naming the new entity Allianz Jio Reinsurance Limited.
Last week, Jio Financial Services Limited was allotted 14,74,50,000 equity shares worth ₹10 each in Allianz Jio Reinsurance Limited, taking the firm’s total aggregate investment in the venture to ₹150 crore.
These two new approvals follow the enactment of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (SBSR Act), which came into force with effect from February 5th, 2026. One of the features of this act is to allow 100% foreign direct investment (FDI) in the country’s re/insurance sector, to reach the goal of “Insurance for all by 2047.”
The legislation amends the Insurance 2 Act, 1938 and the IRDA Act, 1999, thereby necessitating the framing of new regulations and amendments to existing regulations to align the regulatory framework with the provisions of the new law, explained the regulator.
During the meeting, the IRDAI also deliberated on the regulatory framework required pursuant to the enactment of the SBSR Act.
To expedite the regulatory alignment process and incorporate reforms of the SBSR Act, IRDAI has also granted an in-principle approval for drafting and publishing the draft regulations for stakeholder consultation for the required regulations.
