Final IPO norms for life insurers within a week: IRDA.

Tuesday 20, September, 2011 Insurance regulator IRDA on Tuesday said it will come out with guidelines for initial public offering (IPO) of life insurance companies within a week. "We will be approaching for the gazetting sometimes later this week," IRDA Chairman J Hari Narayan told reporters here on the sidelines of Assocham's Global Insurance Summit. For life insurance companies, the clause mandating a three-year track record of profitability as a precondition for tapping the capital markets has been removed in the draft guidelines on the IPO. As per the draft norms, only insurance companies that have completed 10 years of operation and have strong financial will be allowed to access the capital market.

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