In an effort to reach their announced goal of ruling on all pending applications for insurance licenses by the end of this year, India’s Insurance Regulatory & Development Authority has granted several applications. Last week the IRDA approved the joint …
In an unexpected move The Hindustan Times, a unit of India’s K.K. Birla Group, is reportedly shelving plans to form an Indian life insurance subsidiary in partnership with Britain’s CGNU. A report from Reuters News Agency said an official announcement …
Royal & SunAlliance (RSA) became the first foreign company to receive a license to write p/c insurance from India’s Insurance Regulatory and Development Authority (IRDA) with its partner Sundaram Finance Ltd., finalizing its return to the Indian market following the …
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 …
American International Group and Tata Group, one of India’s largest and most successful industrial conglomerates, have joined forces to launch insurance ventures in life insurance and p/c in India. In accordance with new laws, which recently went into force, AIG …
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 …
U.S. insurer Allstate and the U.K.’s Prudential Plc became the first foreign companies to submit applications, in conjunction with their Indian partners, to establish private insurance companies to sell life products in India under new rules allowing foreign investment, enacted …
U.S. Ambassador to India, Richard Celeste, predicted that India’s opening of its market to foreign insurers would bring a s much as $1 billion in investments over the next few years from U.S. Companies. India’s ongoing struggle between the government …
When Indian President K.R. Narayanan signed landmark legislation last January, opening India’s insurance market to foreign competition, he unleashed a potential revolution in the highly regulated sector. While not freeing the market entirely from local control—foreign insurers are limited to …
