India’s Insurance Regulatory and Development Authority confirmed that 13 foreign based insurance companies with their local partners have applied for permission to establish privately owned life or general insurance companies in the country under recently enacted legislation giving them the right to own up to a 26 percent stake in such joint ventures.
It listed the companies as follows: ICIC Prudential Life Insurance Co. – HDFC Standard Life Insurance Co. – IFFCO Tokyo Fire & Marine Insurance Co. – Sundaram Finance Royal & Sun Alliance (general) – Reliance Life Insurance Co. – Max India New York Life Insurance Co. – Kotak Mahindra Old Mutual Life Insurance – Tata-AIG (Life) – Tata-AIG (general) – Birla Sun Life, and Bajaj Auto Ltd. (general).
Allstate’s joint venture with Dabur to set up a life company was also listed, but the application is expected to be withdrawn following Allstate’s announcement that it was pulling out of the deal.
Canada Life’s recently filed joint venture with Centurion Bank wasn’t on the list, but is also pending. Several other insurance groups, notably Allianz and ING, who have announced plans to seek licenses in India weren’t on the list either.
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