Fresh merger structure to IRDAI by Max Life-HDFC Life

In the wake of Insurance Regulatory and Development Authority of India’s (IRDAI) reservation about the deal structure in the proposed merger of Max Life Insurance Company with HDFC Life, a new structure is likely to be submitted soon, IRDA officials said. IRDA expressed concerns about the deal structure since the last stage of the merger was between a holding company and a life insurance company. “They (Max Life and HDFC Life) will submit a new revised structure of merger deal after we expressed reservations on the structure they had submitted,” IRDA officials told. Max Life and HDFC Life, seeking in-principle approval of IRDAI for the above-mentioned scheme.