Indian Regulators Step Up Insurance Approvals

In an effort to reach their announced goal of ruling on all pending applications for insurance licenses by the end of this year, India’s Insurance Regulatory & Development Authority has granted several applications.

Last week the IRDA approved the joint venture between New York Life and India’s Max group to establish a joint venture life company, and is now considering the types of products it can offer. Max NYLIC joins RSA’s Royal Sundaram Alliance, Reliance Group’s Reliance General Ins. Co. and HDFC Standard Life on the approved list.

Last Friday ICICI Prudential Life Insurance Company Ltd., a joint venture of the U.K.’s Prudential and Indian financial services group ICICI, joined them. ICICI began existence as a government sponsored development agency, and has since expanded to become one of India’s largest financial institutions.

Among those still awaiting approvals are the Tata/AIG joint venture in both life and p/c, IFFCO/Tokyo Fire & Marine, Kotak Mahindra/Old Mutual Life Ins. Co., and CGNU’s p/c venture with Wadia Group. Its looking for a new partner for its life insurance joint venture after India’s Birla Group recently pulled out of the deal.