INDIAN LIFE INSURANCE JOINT VENTURE GETS LICENCE
A life insurance joint venture backed by three prominent banks has been given the go-ahead by India’s Insurance Regulatory and Development Authority (IRDA). India's Canara Bank, Oriental Bank of Commerce and HSBC Insurance Asia-Pacific Holdings have got together to create the insurer, which is capitalized at Rupee3.25bn. HSBC has a 26% stake in the new company which will be called Canara HSBC Oriental Bank of Commerce Life Insurance Company. That is the maximum stake that a foreign company can hold in an Indian insurer.
The rest of this document is only available to i-law.com online subscribers.
If you are already a subscriber, please enter your details below to log in.
If you are not already a subscriber, please select one of the options below.
Sign up for a free trial or for further assistance call your Account Manager or our
Customer support: +44 (0)20 7017 7701 Technical Support: +44 (0) 20 7017 4161
.