India’s insurance regulator has approved two new insurers, clearing Allianz Jio Reinsurance and Kiwi General Insurance to begin operations in the country.
The Insurance Regulatory and Development Authority of India (IRDAI) granted certificates of registration to the two entities during its 134th board meeting.
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The approvals allow one reinsurer and one general insurer to enter the Indian insurance market.
According to the regulator, Allianz Jio Reinsurance will operate as a domestic reinsurer.
Kiwi General Insurance will conduct business in the general insurance segment in accordance with the prevailing regulatory framework.
The approval of Allianz Jio Reinsurance follows a July 2025 agreement between Jio Financial Services Limited (JFSL) and Allianz Europe to create a 50:50 reinsurance joint venture (JV) in India.
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By GlobalDataThe partnership is intended to combine JFSL’s local market presence and digital infrastructure with Allianz’s global underwriting and reinsurance capabilities.
The move comes after Allianz decided in March 2025 to exit its JVs with the Bajaj Group.
The German insurer agreed to sell its 26% stake in a transaction valued at $2.8bn (€2.4bn), ending a partnership that had lasted 24 years.
Allianz has already completed the sale of a 23% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company to the Bajaj Promoter Group.
The remaining 3% stake is expected to be divested by the end of July 2026, either through a buyback or another route.
At the same board meeting, the IRDAI also considered the regulatory work needed after the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 was enacted.
The law was notified on 21 December 2025 and took effect on 5 February 2026.
The IRDAI said the changes amend the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999, requiring new regulations and revisions to existing rules.
The authority granted in-principle approval to draft and publish regulations for stakeholder consultation under the Sabka Bima Sabki Raksha Act.
