Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Irda study shows AIG gives no cause for concern now: minister
BackBack

Irda study shows AIG gives no cause for concern now: minister

Irda study shows AIG gives no cause for concern now: minister

Premium

New Delhi: Insurance regulator Irda has assessed the impact of the beleaguered insurer American International Group (AIG) on the Indian insurance sector and said it has no immediate concerns, the Finance Ministry informed the Lok Sabha today.

“In view of the present comfortable solvency position and the assurance of continued availability of future capital contribution by the JV partner (AIG), Irda has no immediate regulatory concerns," Minister of State for Finance P K Bansal said in a written reply.

The Insurance Regulatory and Development Authority (Irda) has reported that it has assessed the impact of the AIG debacle on the Indian insurance sector. AIG has two joint ventures in India -- Tata AIG Life Insurance and Tata AIG General Insurance.

“The performance of the two JVs between Tata Sons and AIG (74:26) has exceeded the projection made by the two entities at the time of registration in the year 2001," Bansal said.

The minister said the solvency positions of the life insurance and general insurance ventures were comfortably above what was required.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Feb 2009, 04:31 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App