Irda clearance for IDBI-Fortis JV
The Insurance Regulatory and Development Authority (Irda) has accorded the first stage of clearance to IDBI-Fortis Life Insurance, a joint venture of Industrial Development Bank of India, Fortis Insurance International of the Netherlands and the Kerala-based Federal Bank. “The final clearance is in an advanced stage of consideration,” Irda chairman CS Rao told Business Standard. The IDBI, along with Fortis and Federal Bank, has formed the life insurance joint venture to tap the growing market for life insurance products in India.
