IRDAI has given formal approval to Kotak Mahindra General Insurance Company to commence business as an insurance company. The company has received permission to underwrite all classes of general insurance business (including health insurance), it said. Gaurang Shah, president, Asset Management, Insurance and International Business of Kotak Mahindra Bank, said it is a momentous occasion for the groupto receive the licence on the eve of our 30th anniversary. Kotak General Insurance is a 100% subsidiary of Kotak Mahindra Bank, which makes the company the only bank promoted general insurance company without a foreign joint venture partner. With the addition of general insurance business, the group has presence across banking, wealth management, life insurance, broking, mutual funds and alternate asset management. Mahesh Balasubramanian, CEO, Kotak General Insurance, said with increasing distribution network of the group, growing brand equity and consumer franchise, the company believes that it will be able to leverage synergies and add significant value to general insurance business.
