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Corruption: Natural Resources

 Politicians treat natural resources as private jagirs

In the early 1990s, when journalists...

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Listing guidelines for non-life insurers by March: IRDA

As per the draft norms, only insurance companies that have completed 10 years of operation and have strong financials will be allowed to access the capital market. Currently, there are 24 players in both the life and non-life insurance industry

New Delhi: The Insurance Regulatory and Development Authority (IRDA) today said the guidelines for listing of non-life insurance companies will be issued by March 2012, reports PTI.

“General/non-life insurance listing rules will be issued by March,” IRDA chairman J Hari Narayan told reporters here.

According to the Insurance Act, promoters with 26% stake can offload equity after 10 years of operation. The legislation also empowers the government to reduce the mandatory period.

As far as the life insurance companies are concerned, the draft norms for listing have already been issued by the IRDA.

As per the draft norms, only insurance companies that have completed 10 years of operation and have strong financials will be allowed to access the capital market. Currently, there are 24 players in both the life and non-life insurance industry.

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