Irda seeks 5-yr lock-in period for insurance co promoters

The Insurance Regulatory and Development Authority (Irda) has prescribed a minimum lock-in period of five years from the date of certificate of commencement of business of an insurer for the promoters of the insurance company. No transfer of shares of the promoters would be permitted within this period. The Irda has unveiled the final norms on corporate governance guidelines for insurers. The insurance Act stipulates prior approval of IRDA for registration/transfer of shares exceeding 1% and/or which involve holding of share capital, after such transfer, in excess of 5 % of the paid-up capital of the company (2.5% for banking ...

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