"About 7 to 8 global and domestic reinsurance players have shown interest for license to begin operations in the country so far. We are working on the guidelines. We will come up with the final guidelines by October," IRDA chairman T S Vijayan told reporters on the sidelines of CII Insurance Summit here.
    
Talking about management control after the foreign direct investment (FDI) limit was hiked to 49 per cent from the previous 26 per cent, the regulator said IRDA will come up with the guidelines in this regard soon and will put it under corporate governance structure.
    
"The Act clearly says that being a major shareholder, the management control should be with the Indian partner. However, we are working on it and the final guidelines will come up shortly on the same. We will bring the guidelines under corporate governance structure," he added.
    
On unit-linked products (ULIP) investment on government securities, Vijayan said the regulator has received a large amount of comments and will soon release the final guidelines by December.
    
IRDA had recently come up with a draft which says that life insurers have to put 25 percent from ULIP in government securities. This move is being opposed by insurers as they feel it is the policy holders who decide on ULIP investment.

 

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