Canada Life announced that it has formed a joint venture with Centurion Bank Ltd, TCFC Finance Ltd. of Mumbai and the ARDEE group of New Delhi to establish Canada Centurion Assurance Company in India.
Under newly implemented financial rules insurers can now own up to 26 percent of joint ventures in India. The new company plans to file an insurance license application as soon as possible.
The group plans to offer financial services and life insurance products across the Indian subcontinent.
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