Share India Securities gets insurance business license from IRDA

Share India Securities Ltd (SISL) announced today that it has secured direct (Life & Non-Life) license from the Insurance Regulatory and Development Authority of India (IRDAI) for its insurance arm Share India Insurance Brokers (SIIB).

SIIB will be operating its insurance distribution business in the country with a strong focus on Telangana, Andhra Pradesh, Maharashtra and other southern States.

The Company aims for a premium collection of Rs500 crore in 5 years.

Post the completion of the merger of Mumbai based Total Securities in December 2019, this licence comes as an important development in the direction to grow through the organic and inorganic route.

Share India Securities Ltd

It is a leading knowledge and technology-driven financial services group that recently migrated from the SME platform to the main board of the Bombay Stock Exchange (BSE).

Share India Insurance Brokers, a 100% subsidiary of the company, is setting up Insurance distribution service network across the country and a dedicated Insurance portal with a focus to provide 360-degree risk management solutions to individual, SME and large corporate on both Life and Non-Life segment of the business.