Irda asks for status report from Tata-AIG

Written by Banking Bureau | Mumbai, Sep 16 | Updated: Sep 17 2008, 05:41am hrs
Even as the US-based American International Group (AIG) is still making last-ditch efforts to organise the required capital for its survival, Indian insurnace regulator Insurance and Regulatory Development Authority (Irda) has sought status reports from two insurance joint ventures -Tata Aig Life Insurance and Tata Aig General Insurance- where AIG holds 26% each. Speaking to FE from Hyderabad, the Irda chairman, J Harinarayan, confirmed the development.

An Irda statement said that the accounts of these two companies as on March 31, 2008 indicate that both companies have satisfactory solvency margins which are adequate to meet their liabilities.

The recent developments in the New York financial markets have caused concern in the financial markets in India.