PB Fintech subsidiary can now facilitate sale of reinsurance products

PB Fintech’s wholly-owned subsidiary, Policybazaar Insurance Brokers (Policybazaar), has received the nod from the Insurance Regulatory and Development Authority of India (Irdai) to upgrade its license from a direct insurance broker to a composite insurance broker.

A composite insurance broker can also sell reinsurance products besides general and life insurance products.

“Insurance Regulatory and Development Authority of India (Irdai) has granted the in-principle approval to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly-owned subsidiary of the company for the upgradation of license from direct insurance broker (Life and General) to the composite insurance broker,” the exchange filing said.