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.
