Tata Motors Insurance Broking & Advisory Services Limited (TMIBASL), [formerly known as Tata Motors Insurance Services Limited], a 100% subsidiary of the Company, proposes to undertake the business of direct insurance broking. TMIBASL has received a License from the Insurance Regulatory and Development Authority (IRDA) to act as a Direct Broker under the IRDA Act on May 13, 2008. In compliance with the regulations of the IRDA, its name was changed to "Tata Motors Insurance Broking & Advisory Services Ltd." on April 30, 2008.The Company got Broking License on 13th of May 2008 from the IRDA to act as Direct Insurance Broker. For the year under review, TMIBASL earned revenues of Rs. 1.89 crore (2007-08: Rs. 0.10 crore) and recorded a Loss of Rs. 0.53 crore (2007-08: loss of Rs. 0.04 crore).
