India's insurance regulator, the Insurance Regulatory and Development Authority of Insurance (IRDAI), has announced that the transfer of equity shares between two insurers has been approved by the Panel of Whole Time Members.
Bajaj Allianz Life Insurance Company and Bajaj General Insurance Company filed applications to transfer equity shares representing 26% of the total paid-up equity share capital of the respective insurers held by Allianz SE to Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons.
The IRDAI constituted the Panel of Whole Time Members to decide the applications filed.