The deal has valued SBI Life at Rs 46,000 crore, higher than its rival ICICI Prudential.Google Flickr

Edelweiss General Insurance Company (EGIC) cleared the first step in becoming an insurance company in India with the Insurance Regulatory and Development Authority of India (IRDAI) approving its registration application, as disclosed by Edelweiss Financial Services Ltd. in a corporate filing.

EGIC will be a wholly owned subsidiary of Edelweiss Financial Services Ltd., according to the corporate announcement.

Edelweiss mainly focuses on general insurance broking market and its services include risk monitoring and management in business firms, managing insurance portfolio, designing insurance programs for companies and management services.

The company also offers insurance products covering asset/property insurance, marine insurance, personal insurance, business interruption insurance, liability insurance and financial insurance.

Shares of Edelweiss Financial posted a gain of 2.92 percent to close at Rs. 79.40 on the BSE on Monday.