American International Group announced that it has received approval from the Indian Insurance Regulatory and Development Authority to establish a joint venture with the Tata Group “to market commercial and personal lines property-casualty insurance in India.”
“We are very pleased that the Indian regulatory authorities have granted this license to the Tata AIG general insurance joint venture, marking AIG’s return to India after an absence of 30 years,” said AIG CEO Maurice Greenberg.
Under recently enacted legislation foreign companies are permitted to own up to 26 percent in joint insurance ventures in India. AIG’s successful tie up with Tata, one of the country’s largest financial groups, marks the first time that a U.S.-based insurer has been granted permission for a general insurance license and will give AIG immediate access to a rapidly expanding market.
The two companies have also filed a request to operate a joint life insurance venture, which is still awaiting the approval of the Regulatory Authority.
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