NEW YORK LIFE OFFERED GREATER STAKE IN JV

New York Life International could raise its stake in its Indian joint venture insurer Max New York Life to 49%, subject to local rules. Its joint venture partner Max India has offered the US-based insurer the opportunity to increase the stake, as long as the rules allow it. Currently the guidelines do not allow a foreign investor to hold more than 26% of an insurance joint venture in India – the size of share in Max York Life held now by New York Life. But Max Life said it had restructured its joint venture agreement such that New York Life could grow its share to 49% within eight years.