IRDA clears IDBI proposal to enter into life insurance biz
Insurance regulator IRDA on Wednesday cleared proposal by IDBI-led insurance joint venture to enter into life insurance business.
By PTI |
NEW DELHI: Insurance regulator IRDA on Wednesday cleared proposal by IDBI-led insurance joint venture to enter into life insurance business.
"IDBI Fortis Life Insurance Co Ltd, a joint venture life insurance company promoted by IDBI, Federal Bank and Netherlands Fortis Insurance International, has been registered as a Life Insurer under the Insurance Act, IRDA said in a release.
IDBI will have a 48-per cent stake in the venture while Fortis and Federal Bank would have 26-per cent stake each.
While IDBI and Federal Bank are bank partners, Fortis has the expertise of bancasurance across markets where it sells insurance.
Fortis, which signed an agreement with the IDBI last year, is one of the largest players in the insurance business in Europe and has successful joint ventures in various Asian countries.
With this registration, the total number of life insurers registered with the Authority has gone up to 18.
"IDBI Fortis Life Insurance Co Ltd, a joint venture life insurance company promoted by IDBI, Federal Bank and Netherlands Fortis Insurance International, has been registered as a Life Insurer under the Insurance Act, IRDA said in a release.
IDBI will have a 48-per cent stake in the venture while Fortis and Federal Bank would have 26-per cent stake each.
While IDBI and Federal Bank are bank partners, Fortis has the expertise of bancasurance across markets where it sells insurance.
Fortis, which signed an agreement with the IDBI last year, is one of the largest players in the insurance business in Europe and has successful joint ventures in various Asian countries.
With this registration, the total number of life insurers registered with the Authority has gone up to 18.
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