The regulator also approved a life insurance joint venture led by Bank of Baroda, India, and UK's Legal and General
Insurance Regulatory and Development Authority (IRDA) of India has approved State Bank of India (SBI) to go ahead with its proposed non-life joint venture with IAG of Australia – reported in The Economic Times. The regulator also approved a life insurance joint venture led by Bank of Baroda, India, and UK’s Legal and General.
As per the approval, the two JVs have cleared the first of a three-stage process, in seeking a licence to go for business. The partners have to finalise the second stage and submit their business plan, while in the third stage, they will receive permission to commence business after they bring in the required capital.
The first joint venture company is expected to commence operations in the fourth quarter of the current fiscal. SBI will receive a substantial premium from IAG.
IAG, formerly known as Insurance Australia Group, offers insurance in Malaysia and Thailand in Asia.