Wednesday, December 15, 2010

INSURERS CAN'T OUTSOURCE WORK; M&A NORMS SOON

IRDA came out with guidelines on outsourcing by all insurers, both in life and general, which will come into practice with immediate effect. Insurers will have to terminate all outsourcing - especially core activities such as investment, underwriting and policy servicing - to third-party companies. New guidelines for mergers and acquisitions among non-life insurance companies are expected soon with the Insurance Regulatory Development Authority (IRDA) initiating the process after receiving proposals for the same from two non-life Insurance Companies.

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