Metlife India gets IRDA nod

By Our Special Correspondent

NEW DELHI, AUG. 6. The Insurance Regulatory and Development Authority (IRDA) has issued a licence to Metlife International Holdings Inc. to operate a life insurance business in India.

Metlife International received its licence along with its joint venture partners, J&K Bank, the M Pallonji group and several other minority shareholders. The partners will form a new company called Metlife India Insurance Company with headquarters in Bangalore.

With this licence, J&K Bank will also make its foray into the insurance sector as the bank feels that there is increasing convergence between banking and insurance globally.

While the M Pallonji group, a closely held private limited company, has wide experience in the fields of investment and finance, Metlife Inc. is a leading provider of insurance and other financial services with approximately nine million individual households in the U.S. as its customers. Metlife also has insurance operations in 12 countries.

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Section  : Business
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