mumbai lt general insurance is readying to launch its operations in the next 35months a top company official said the company a part of the lt group has already got the r1 licence from insurance regulator insurance regulatory and development authority irda we received the r1 license from irda on february 9 and plan to launch our operations in the next 35months lt general insurance companys chief executive joydeep roy told reporters in mumbai on wednesday at an insurance summit lt general insurance applied for r1 license in september last year r1 is the initial approval given by irda there are two more stages of approval required before launch of operations of an insurance company these are r2 where the regulator looks into the business model of the new insurance company and r3 wherein irda looks at the formation of the company the initial capital base of the general insurance venture of lt will be rs 110crore roy said