Play by rules, foreign insurers told
New Delhi: Insurance Regulatory and Development Authority chairman N. Rangachary has warned foreign insurance companies wishing to enter India in the wake of privatising the insurance sector to abide by the rules, especially the 26 per cent cap on  investment by foreign companies. "The law has been kept simple and clear. It will provide a maximum 26 per cent stake to foreign insurers and 74 per cent to an Indian company. And the Indian company must bring down its stake to 26 per cent within 10 years," Mr Rangachary told a seminar arranged by the Federation of Indian Chambers of Commerce and Industry.

Mr Rangachary also said a company registered and listed in India would be treated as an Indian company. He, however, admitted that this is a grey area and the the issue would be decided if and when a proposal is put forward.
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AIG plans stake in Tata Asset Management
Mumbai: US insurance major American International Group is learnt to have initiated talks with the Tata group to acquire a stake in Tata Asset Management. It is also understood that the Tata group will buy out the 20 per cent stake held in Tata Asset Management by Dresdner RCM Global Investor Holdings in order to help AIG come in.

AIG had signed a memorandum of understanding with the Tata group for the life insurance business in India. AIG had earlier planned to have a strategic partnership with Infrastructure Leasing & Financial Services for the mutual fund business and the Tatas for life insurance.
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Cigna ends ties with IL&FS
New Delhi: The three-way partnership between US insurance company Cigna, Infrastructure Leasing & Financial Services and the late Parvinder Singh of Ranbaxy has ended with the expiry of the memorandum of understanding. The MoU has not been renewed as Cigna has decided to sell its global property and casualty business.

Meanwhile, Cigna has already set up a health management services company in Bangalore and has an insurance representative in India.
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New trademarks law coming
New Delhi: The government will bring in a new trade mark law through the Trade Marks Act. The cabinet has approved the decision to repeal the Trade and Merchandise Marks Act, 1958. The proposed amendment s will make the law on trademarks simpler, more effective, flexible and transparent, a government official said.
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Allianz wants more allies in India
Singapore: Munich-based insurance major Allianz is in search of more joint venture partners in India for its non-life insurance business. The company has an agreement with Alpic Finance, a non-banking finance company, for the non-life insurance business. It has also said it is talking to at least three regional private banks for life insurance business.

The company’s director and chief executive officer for Asia Pacific Michael Diekmann said Alpic will be an equity partner in both ventures.
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