The Insurance Regulatory and Development Authority of India (Irdai) has granted a certificate of registration to M Pallonji Group-backed ProTec General Insurance, enabling it to commence general insurance operations in India.

The approval was granted at Irdai’s 137th Authority meeting held on Tuesday, the regulator said in a press release on Wednesday.

ProTec joins the country’s fast-growing non-life insurance sector, which already has 26 general insurers, including private players and four public sector insurers.   ProTec General Insurance is promoted by the M Pallonji Group in partnership with Divya Sehgal, partner at private equity firm True North. According to Ministry of Corporate Affairs records, Mehli Mistry and Pheroze Mistry, promoters of the M Pallonji Group, along with Sehgal, are directors of the new venture. Aditya Sharma, former Chief Distribution Officer at Bajaj General Insurance, is also on the board.

ProTec’s approval marks the fourth insurance registration granted by Irdai in calendar year 2026. The regulator has so far licensed two general insurers, one health insurer and one reinsurer—Prudential HCL Health Insurance, Kiwi General Insurance, Allianz Jio Reinsurance, and now ProTec General Insurance.

Irdai said that following the implementation of the Insurance Laws (Amendment) Act, 2025, which raised the foreign direct investment (FDI) limit in the insurance sector to 100%, one life insurer and one general insurer have already increased foreign shareholding beyond the earlier 74% ceiling.

The regulator also approved amendments to regulations governing insurance intermediaries, making it mandatory to tag the authorised salesperson to every insurance proposal, policy and certificate of insurance. The move is aimed at improving accountability in insurance distribution and addressing concerns over mis-selling.

Irdai also approved amendments to regulations governing investment functions, transfer of shares and amalgamation of insurers. The changes are intended to provide insurers with greater operational and financial flexibility through liberalised investment norms, a more facilitative framework for capital infusion and corporate restructuring, and streamlined provisions for share transfers and amalgamations.