Irda issues merger norms for private general insurers

Irda has announced the norms for mergers of general insurance companies . However, these norms, which have come into immediate effect, will not apply to the four public sector insurers. The new set of norms will be applicable only to private companies, leaving out New India Assurance , Oriental Insurance, United Insurance and National Insurance Company . Irda has reserved the right to impose additional conditions prior to court approvals, a change from the draft where the regulator had kept the final approval to itself after the court approval.

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