Page 28 - Life Insurance Today January 2018

f) Whether the applicant has a record of any serious d) The extent to which the corporate structure of the
financial misconduct, bad loans or whether the applicant will be in consonance with effective
applicant was adjudged to be bankrupt; supervision and regulation of the insurer;
g) The source of funds for the acquisition; e) Whether the applicant is a widely held entity,
h) Where the applicant is a body corporate, its track publicly listed and a well-established regulated
record or reputation for operating in a manner financial entity in good standing in the financial
that is consistent with the standards of good community;
corporate governance, financial strength and f) The acquisition is in public interest;
integrity in addition to the assessment of g) The acquisition is to secure the proper
individuals and other entities holding more than management of any insurer;
1 percent of the capital of the body corporate as
h) The desirability of diversified ownership of insurer;
enumerated above.
i) Track record of the applicant;
ii. For acquisition in excess of 10 per cent shareholding j) Shareholder agreements and their impact on
in the concerned insurer control and management of the insurer.
a) All aspects as laid down in clause 7 (i) of these
Guidelines;
Interpretation:
b) Sources and stability of funds for acquisition and 8. The interpretation of these regulations shall be that of
the ability to access financial markets as a source the Chairperson of the Authority, whose decisions on
of continuing financial support for the insurer; all issues shall be binding on all applicants.
c) The business record and experience of the
applicant including any experience in acquisition (Nilesh Sathe)
of business; Member-Life & In-charge of Finance

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28 January 2018 Life Insurance Today

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