Anil Ambani-controlled Reliance Capital has received regulatory approval to change the name of AMP Sanmar Life Insurance to Reliance Life Insurance.
Reliance Capital had acquired the entire equity capital of AMP of Australia and Chennai-based Sanmar Group in AMP Sanmar Life Insurance for about Rs 100 crore in September last year to make a direct entry into life insurance with a readymade customer base.
Insurance Regulatory and Development Authority also took note of the the fresh certificate of incorporation, consequent to the change of name, issued by the Registrar of Companies, Tamil Nadu on January 17 this year, it said in a circular.
While giving permission to Reliance Life to carry on life insurance in India, IRDA said that RLICL will have to honour its commitments to the policyholders of AMP Sanmar on the same terms and conditions subject to which they were issued.
The non-banking finance arm of the Anil Dhirubhai Ambani Enterprise (ADAE) had initially decided to acquire AMP Sanmar through its subsidiary Reliance Life Insurance Company, which is yet to commence operations.
But it was not possible as Reliance Life Insurance was not a legal entity since it did not have a licence from IRDA.
Soon after resolving ownership issues with his elder brother Mukesh last year, Anil acquired AMP Sanmar to make a direct foray into life insurance and had also received IRDA approval for expanding Reliance General Insurance operations.
{{/usCountry}}Soon after resolving ownership issues with his elder brother Mukesh last year, Anil acquired AMP Sanmar to make a direct foray into life insurance and had also received IRDA approval for expanding Reliance General Insurance operations.
{{/usCountry}}Reliance Life has got a headstart as AMP Sanmar has around 90 branches, 900 staff and 9,000 agents.
Further, AMP Sanmar was doing relatively good business as till November, the company has earned a premium income of around Rs 89 crore.