- Anil Ambani-led Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, has received final approval R3 (Certificate of Registration) from the insurance regulator IRDAI to start operations.
- The company plans to commence operations by the December quarter of 2018.
- There are three stages of approval required for getting a licence for an insurance company.
- R1 (or first phase): is the preliminary approval given by IRDA wherein the regulator evaluates the promoters.
- (R2) Second statge: IRDA looks into the business model of the company
- (R3) Third and final stage: it looks at the formation of the company which once granted, allows the company to start operations.
