Housing Development Finance Corporation provides update of subsidiary

HDFC Standard Life Insurance Company incorporate subsidiary in DIFC

Housing Development Finance Corporation announced that HDFC Standard Life Insurance Company, a material subsidiary of the Corporation, on 10 January 2016, has incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the 'HDFC International Life and Re Company' (HILRCL) with an initial capital outlay of USD 12.33 million.

Further, HILRCL will operate in DIFC, and shall shortly commence its business operations, subject to completion of further regulatory formalities for obtaining the final license from the Dubai Financial Services Authority. HILRCL would be in the business of offering reinsurance capacity to ceding insurers and may also foray into directly underwriting insurance contracts, subject to receipt of necessary approvals. It would initially offer reinsurance capacity in the UAE and subsequently expand to other jurisdictions, using either of the aforesaid business models.

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