This effectively means the IRDA is considering five companies -- ICICI-Prudential for life, Dabur-Allstate (life), Reliance (both life and non-life), HDFC-Standard (life) and Royal & Sun Alliance-Sundaram Finance (non-life) -- for the first phase of licensing.

"We are processing those applications for issuing licences received within the first fortnight after the window had opened," said Mr Ansari, who was in the city to attend a national seminar on insurance and risk management for corporates.

The absence of guidelines for brokers, and the lack of a national reinsurance body will not come in the way of the IRDA issuing the first licence by Diwali, he added. "We expect the guidelines and the body to be in place very soon," he said.

The IRDA has already finalised plans to issue licences for agents over the Net, as soon as the new players start recruiting agents after receiving licences. The authority will also issue licences for the insurance training institutions very soon.

Also the Tariff Advisory Committee (TAC) has taken initiatives to review the tariff structure of the motor and fire premia. According to TAC secretary Rajan Beri, his institution is also reviewing the tariff structure undeer the All Industrial Risk Policy.

``This is necessary as there has been a change in the fire premium,'' he said. The existing four non-life companies have strongly pleaded for a hike in third-party motor premium as they are suffering from high underwriting losses due to the claim payments in this segment.