Lombard in India

Lombard Insurance of Canada has finally entered the Indian market in partnership with India’s second largest financial institution, Industrial Credit and Investment Corporation of India (ICICI). The ICICI Lombard General Insurance Company, as the joint venture is called, has been given the green light by the Indian Central Bank. It had earlier received a conditional go-ahead from the Insurance Regulatory and Development Authority (IRDA) which referred the joint venture to the Bank. Central Bank approval is necessary in the case of joint ventures in which Indian banks and finance companies are involved.