IRDA asks Indian companies to go overseas

KOLKATA: Insurance sector watchdog Insurance Regulatory Development Authority ( IRDA) today asked Indian companies to look at opportunities overseas.

"Our homegrown insurers should look at overseas countries both in terms of acquisitions and opening branches there," IRDA member (Life) Sudhin Roy Chowdhury told reporters on the sidelines of an ICC event here.

He said if foreign insurers could form joint ventures with Indian companies, then domestic insurance firms should also look at going overseas to expand their business.

At present, foreign companies were allowed to buy 26 per cent stake in JVs with Indian firms.