ICICI Lombard will get IRDAI nod for association plan

IRDAI additionally permits ICICI Financial institution to cut back stake in ICICI Lombard to 30%

ICICI Lombard Common Insurance coverage Firm has acquired a letter dated 03 September 2021 from Insurance coverage Regulatory and Improvement Authority of India giving closing approval to the proposed scheme of association for demerger of basic insurance coverage enterprise of Bharti AXA Common Insurance coverage Firm to ICICI Lombard Common Insurance coverage Firm. Has been.

The due date for the scheme is 01 April 2020. The demerger and switch of basic insurance coverage enterprise as envisaged within the scheme will probably be efficient inside 3 days from the date of ultimate approval.

IRDAI has additionally accredited ICICI Financial institution to cut back its stake in ICICI Lombard Common Insurance coverage Firm to 30%, topic to compliance with the provisions of the Insurance coverage Act, 1938 and relevant IRDAI guidelines.

operated by Capital Markets – Stay Information

(This story has not been edited by Enterprise Customary staff and is routinely generated from a syndicated feed.)

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