IRDAI expresses reservations about HDFC Life-Max Life merger
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Insurance Regulatory and Development Authority of India (IRDAI) has expressed reservations about the merger structure in the proposed merger of Max Life Insurance with HDFC Life Insurance.
In a notification to the stock exchanges, Max India on Saturday said that IRDAI has expressed reservations to accept the scheme of amalgamation in its current form.
"Max Life and HDFC Life believe that the scheme of arrangement as submitted to the IRDAI is in compliance with all applicable laws and propose to represent and clarify the matter to IRDAI," it said.
An application was filed by Max Life and HDFC Life seeking the in-principle approval of IRDAI for the above-mentioned scheme on September 21, 2016.
In June 2016, Max Financial Services and HDFC had said their respective boards had approved entering a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger. Their joint venture partners, Mitsui Sumitomo Insurance of Japan and Standard Life of the UK, have also given the nod for the proposal.
Under this arrangement, Max Life will first merge with Max Financial Services which in turn will merge with HDFC Life.
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