IRDAI nods Go Digit Life Insurance to carry life insurance business

IRDAI logo

The Insurance Regulatory and Development Authority of India (IRDAI), India’s insurance regulator, grants license to conduct life insurance business in India to Go Digit Life Insurance Limited.

“Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India,” the regulator said.

Go Digit General Insurance Ltd, funded by Fairfax Group in Canada, has refiled preliminary IPO papers with Sebi after modifying its employee equity appreciation rights programme.

On January 30, SEBI returned Go Digit’s draught IPO (Initial Public Offering) papers and requested that the business refile the filings with specific modifications.

The proposed IPO by Go Digit Infoworks Services and existing shareholders includes a fresh issuance of equity shares worth 1,250 crore and an Offer For Sale (OFS) of 10.94 crore equity shares.

The proceeds of the new issuance are expected to be used to increase the company’s capital base, maintain solvency levels, and for general business objectives.

To suit the demands of its consumers, Go Digit provides car insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products. It is one of India’s first non-life insurers to be totally cloud-based, and it has created application programming interface (API) interfaces with a number of channel partners.

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