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10-yr record mooted for insurance IPOs

General insurance companies planning to tap the capital market for funds should have a 10-year experience and will have to seek prior approval from the sector regulator, the Insurance Regulatory and Development Authority (IRDA) said in its draft guidelines.

india Updated: Sep 19, 2012 20:45 IST
PTI

General insurance companies planning to tap the capital market for funds should have a 10-year experience and will have to seek prior approval from the sector regulator, the Insurance Regulatory and Development Authority (IRDA) said in its draft guidelines.

The draft norms for initial public offering (IPO) of non-life insurers said the regulator would take into account the insurer’s financial position, its capital structure and regulatory record before permitting them to come out with the share sale. The IRDA has invited comments from companies by September 30 on the draft.

First Published: Sep 19, 2012 20:43 IST