The Insurance Regulatory and Development Authority of India (IRDAI) has granted licences to two new insurers, approving Allianz Jio Reinsurance and Kiwi General Insurance to begin operations in the country.
The certificates of registration were issued during the regulator’s 134th board meeting, allowing one reinsurer and one general insurer to enter India’s insurance market.
According to IRDAI, Allianz Jio Reinsurance will operate as a domestic reinsurer. Kiwi General Insurance will conduct business in the general insurance segment in line with the country’s regulatory framework.
The approval for Allianz Jio Reinsurance follows a July 2025 agreement between Jio Financial Services and Allianz Europe to establish a 50:50 reinsurance joint venture in India. The partnership combines Jio Financial Services’ local distribution network and digital capabilities with Allianz’s global underwriting and reinsurance expertise.
The development comes after Allianz announced in March 2025 that it would exit its joint ventures with the Bajaj Group. The German insurer agreed to sell its 26% stake in a $2.8bn transaction, ending a partnership that had lasted more than two decades.
Allianz has already completed the sale of a 23% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance to the Bajaj Promoter Group. The remaining 3% stake is expected to be divested by the end of July 2026.
During the same meeting, the regulator also reviewed the regulatory work required following the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The legislation, notified in December 2025 and effective from February 2026, amends the Insurance Act, 1938 and the IRDAI Act, 1999, requiring updates to existing regulations and the introduction of new rules.
IRDAI has granted in-principle approval to draft and publish these regulations for stakeholder consultation as part of implementing the new law.
