So far, among the 24 players, only ICICI Prudential life, HDFC Standard Life and SBI Life fulfill the criteria
Only life insurers with 10 years of presence in the insurance industry and strong financial backgrounds will be allowed for listing in the stock exchange, states the draft guidelines released by IRDA.
Under these guidelines, only three companies – ICICI Prudential Life, HDFC Standard Life and SBI Life would be eligible for raising funds through public offers provided they also meet other guidelines provided in the regulation.
No issuance and allotment of capital by an insurance company shall be, in any form, other than as fully paid up equity shares. The proposed IRDA (Issues of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011 illustrate the guidelines.
Insurance firms planning public offers, have to seek 'formal approval' from IRDA and then approach SEBI for final approval.