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SummaryInsurance sector regulator Irda has proposed to make it mandatory for insurers, who have been in business for 10 years, to open at least 25% of new offices in areas that have a population less than 1,00,000.

Old insurers must go to small towns: Irda

Insurance sector regulator Irda has proposed to make it mandatory for insurers, who have been in business for 10 years, to open at least 25% of new offices in areas that have a population less than 1,00,000. “An insurer that has completed 10 years of business is proposed to be mandated to open at least 25% of new places of business in places where population is not more than 1,00,000,” Irda has proposed in its Draft Exposure on Insurance Regulatory and Development Authority (Places of Business) Regulations, 2012.

The proposed regulations have been made to help increase the penetration of the sector in rural and semi-urban areas, Irda said.

Edelweiss Housing Fin seeks partner

Edelweiss Housing Finance Ltd is considering roping in a strategic partner for divesting 26% stake. “We like to follow the insurance company model to offer say 26% to a strategic partner. We do not just want to do so for capital, but for expertise in the mortgage business like in mature markets,” Edelweiss chairman Rashesh Shah said on Friday. He clarified that though the housing finance arm of R3,000-crore Edelweiss Group had offers, it might divest after a year when its book grew to R2,000-2,500 crore. Currently, the housing portfolio is around R1,500 crore.

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