Irdai seeks clear road map on listing
Irdai) met with promoters of large insurance companies, including Sanjiv Bajaj, Uday Kotak, and Keki Mistry, and urged them to present a clear road map for listing their insurance companies within the next two to three years, sources aware of the development told ET.
«Prominent industry leaders, including Sanjiv Bajaj, Uday Kotak, and Keki Mistry, along with senior representatives from the SBI and other banks, attended meetings with Irdai,» said an industry executive, who declined to be named. «The regulator insisted on meeting promoters and not just managing directors and CEOs, as they take responsibility for charting out a timeline and strategy.»
The individual promoters did not respond to request for their comments until the publication of this report. To be sure, there is no extant law that specifies a time limit for an insurer to list.
Bajaj Allianz Life and Bajaj Allianz General, HDFC Ergo General Insurance, SBI General Insurance, and Kotak Life are large unlisted insurance companies.
«The regulator has asked for a detailed road map and insisted on meeting promoters as the buck stops with the promoters and they hold the ultimate responsibility for setting the course for their companies,» an insurance industry source said. «The regulator will wait for companies to volunteer a plan; if not they will engage further.»
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