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.
Florida Insurer Can’t Object to Appraiser After the Award Is Decided, 11th Circuit Says 
Consumers’ Refusal to Keep Paying Higher Prices May Halt Inflation Spike 
Debby’s Florida Claims Already Near 12,000 as Yaworsky Says Market Is Strengthening 
Anti-DEI Shareholders Are Attacking Corporate America’s Diversity Programs 
