Irda has given in-principle clearances to the applications filed by Dabur CGU Life and AMP Sanmar.
The insurance regulator still has two applications pending with it. These include Export Credit Guarantee Corporation (ECGC) and Sahara Life, which filed its application in February this year.
Senior Irda officials said that Sahara has come back to the regulator after clarifications had been sought about the ownership pattern in the company. Irda had asked Sahara to rework the holding pattern with Sahara group companies as stakeholders instead of individuals as shareholders in the life insurance venture.
In a statement issued today, Dabur CGU, a joint venture between the Dabur group and global insurance major CGNU, said that the company expects to commence operations in about three months. Dabur CGU has put in place distribution arrangements with ABN Amro and Lakshmi Vilas Bank, it added.
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