The U.K.’s Royal & Sun Alliance Plc joined the ranks of global insurers seeking admission to the Indian market when it filed its license application along with its Indian partner Sundaram Finance Ltd. to sell non-life product on the subcontinent.
Under new rules, which went into effect August 16th, foreign insurers can own up to a 26 percent equity interest in Indian insurance vehicles.
According to a report by Reuters news agency, RSA plans to invest up to 1 billion rupees (about $22 million) in the new venture, to be called Royal Sundaram Alliance, and to commence operations by the first quarter of 2001.
Was this article valuable?
Here are more articles you may enjoy.
Polo Strengthens Into Hurricane, Threatening Mexico’s Pacific Resort Towns 
‘Most Successful’ Hole-in-One Prize Insurance Operator Pleads Guilty to Fraud 
A-Cap Insurers File Suit Against SCDOI Director; AM Best Downgrades Group 
Cleared of Charges, NJ’s Norcross Sues Inquirer, Editor for $100M in Defamation Suit 
