Fresh merger structure to IRDAI by Max Life and 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, IRDAI officials said. IRDAI 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,” IRDAI officials told. Max Life and HDFC Life, seeking in-principle approval of IRDAI for the above-mentioned scheme, filed an application on September 21, 2016.
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