Religare Enterprises Limited has announced that its wholly-owned subsidiary, MIC Insurance Web Aggregator Private Limited (MIC), has officially surrendered its license as an Insurance Web Aggregator. The Insurance Regulatory and Development Authority of India (IRDAI) approved the voluntary surrender on August 05, 2026. Consequently, MIC has ceased to be an Insurance Web Aggregator effective from that date, marking the closure of its business operations.
MIC Insurance Web Aggregator Surrenders License
Religare Enterprises Limited confirmed on August 05, 2026, that its wholly-owned subsidiary, MIC Insurance Web Aggregator Private Limited (MIC), has successfully surrendered its license as an Insurance Web Aggregator. This development follows earlier announcements made by the company regarding the suspension of MIC’s operations and the subsequent move to close its business.
IRDAI Approval and Business Cessation
The Insurance Regulatory and Development Authority of India (IRDAI) has formally approved the voluntary surrender of MIC’s license. This approval is effective as of August 05, 2026, at which point MIC officially ceased its operations as an Insurance Web Aggregator. The company had previously informed stakeholders about the suspension of operations and the intent to surrender the license and close the business.
Source: BSE
