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ARTICLE · 06 JULY 2018

Amalgamations And Transfers In The Insurance Sector

Tuli & Co
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The insurance sector has, in the recent years, been abuzz with the news of new players looking to acquire stakes in insurance companies and insurance intermediaries.

IndiaInsurance
Shubhangi Pathak
Shubhangi Pathak
Priya Misra
Priya Misra
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The insurance sector has, in the recent years, been abuzz with the news of new players looking to acquire stakes in insurance companies and insurance intermediaries. While such restructuring involves a complicated process in itself, the approval requirements stipulated by the Insurance Regulatory and Development Authority of India (IRDAI) additionally lengthen the process.

Amalgamations for Insurers

In terms of Insurers, the Insurance Act 1938 (Insurance Act) provides for the manner in which Insurers may carry out amalgamation and transfer of insurance business. §35, §36 and §37 of the Insurance Act prescribe the procedure for obtaining the approval of the IRDAI for amalgamation and transfer of insurance business in the following terms.

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