Ergo looking for partners to start life insurance businessAugust 26th, 2010 - 5:41 pm ICT by IANS
Chennai, Aug 26 (IANS) German insurance group Ergo is scouting for partners to enter the Indian life insurance business.
“We are in talks with several parties. We are not interested in buying out the stakes of an existing promoter or buying into an existing company as they will be laden with legacy issues. We would like to start with a clean slate,” Ergo Insurance (Life) Indian Representative Nick Taket told IANS.
Asked about the Indian market turning unattractive for new players with the Insurance Regulatory and Development Authority’s (IRDA) fresh ULIP (unit linked insurance plan) norms, Taket said: “What is good for a policyholder is good for the players in the long run. The Indian market is attractive for new players.”
The insurance regulator had come out with policy holder-friendly regulations sometime back, capping various charges levied by the life insurers. On the pension products, IRDA has mandated life insurers to guarantee a minimum of 4.5 percent return to the policy holders.
The IRDA has said that life insurers have to design and file new products confirming to the new ULIP regulations so as to sell them from Sept 1 onwards.
Taket, who was earlier with HDFC Standard Life Insurance and MetLife India Insurance, does agree that the new ULIP regulations will change the dynamics of the sector.
The German group is present in the Indian non-life insurance space partnering with HDFC. The group bought out US-based Chubb’s stakes.
Ergo, part of global reinsurer Munich Re, had earlier tied up with automobile group Hero for the life insurance venture. They broke as Hero wanted to focus on its core activity that is automobiles.
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- Insurance regulator bracing for spat with judiciary - Feb 14, 2011
- More than 250 ULIPs sucked out of the market - Sep 02, 2010
- IRDA bans universal life products - Oct 21, 2010
- IRDA adopts tough standards for approving new ULIPs - Aug 25, 2010
- Insurance regulator fines HDFC Standard Life for claims delay - Oct 05, 2011
- HDFC Standard Life COO quits - Jul 03, 2012
- IRDA to contest SEBI order (With SEBI bans 14 insurance companies from selling ULIPs) - Apr 10, 2010
- Penalty on HDFC Standard Life seen as warning - Jul 03, 2012
- HDFC Standard Life Insurance fined Rs.1.47 crore - Jun 28, 2012
- IRDA asks general insurers to avoid unhealthy competition - Dec 16, 2011
- Sixty ULIPs filed with IRDA for approval - Aug 20, 2010
- 'ULIPs have potential for life insurers despite curbs' - Nov 22, 2010
- IRDA asks life insurers to defy SEBI ban (Lead) - Apr 11, 2010
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