New Delhi: Insurance regulator IRDA on Friday said the guidelines for listing of non-life insurance companies will be issued by March, 2012.
“General/non-life insurance listing rules will be issued by March,” IRDA chairman J Hari Narayan told reporters here.
IRDA chairman J Hari Narayan. File photo.
According to the Insurance Act, promoters with 26% stake can offload equity after 10 years of operation. The legislation also empowers the government to reduce the mandatory period.
As far as the life insurance companies are concerned, the draft norms for listing have already been issued by the Insurance Regulatory and Development Authority (IRDA).
As per the draft norms, only insurance companies that have completed 10 years of operation and have strong financial will be allowed to access the capital market.
Currently, there are 24 players in both the life and non-life insurance industry.