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The Insurance coverage Regulatory and Improvement Authority (Irdai) has written to Reliance Capital’s administrator flagging considerations over Piramal Group’s bid for the agency, declaring that the latter already has a promoter stake in a life insurance coverage agency and can’t choose up the same stake in one other life insurer.
With the acquisition of DHFL final yr, Piramal Group has a promoter stake in Pramerica Life Insurance coverage, and if it acquires RCap it could additionally turn out to be the promoter of Reliance Nippon Life Insurance coverage. Within the letter dated Might 12, Irdai stated: “Since Reliance Capital is …
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First Printed: Fri, Might 27 2022. 06:10 IST
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