The Insurance Regulatory and Development Authority (Irda) on Tuesday said the guidelines for insurance companies to tap the capital market for funds were awaiting the approval of Securities and Exchange Board of India (Sebi). The details are expected to be out soon.
"The initial public offer (IPO) guidelines for insurance companies will be out soon. It has been approved by the Joint Committee of Sebi and has to be approved by the board," Irda Chairman J Hari Narayan told reporters here.
Last month the regulator had said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation.
The guidelines for life insurance companies has already been approved by SCADA, a body constituted by Sebi, and is awaiting a final nod from the market regulator.
Currently, most of the 22 private life insurers and 17 non-life players have foreign partners. The Insurance Act caps foreign direct investment at 26 per cent.
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