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India: HDFC Life-Max Life merger hits regulatory block

 |  November 14, 2016

Mumbai: Max Life Insurance’s merger with HDFC Life has hit a regulatory roadblock with the Insurance Regulatory and Development Authority of India expressing reservations.

In a filing to the BSE, Max India said that “an application was filed by MLIC (Max Life) and HDFC Life seeking the in-principle approval of IRDAI for the… scheme on September 21, 2016. IRDAI has expressed reservations to accept the scheme of amalgamation in its current form.”

The merger proposal involved the creation of a listed life insurance company by merging Max Life with Max Financial Services, demerging the insurance business and merging it with HDFC Life Insurance. The non-insurance business was to be merged with Max India.

Full Content: Times of India

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