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The Insurance Regulatory and Development Authority will do a due diligence on Japan's Nippon Life Insurance before allowing the finalisation of its deal to buy 26 per cent stake in Reliance Life.
“We will see how the company is suited to conduct operations in India along with other aspects,” a senior official of the IRDA told Business Line here.
As it stands, the insurance regulator has not been informed of the deal between Reliance Life and Nippon.
“What has been announced now is only an intention. First they will have to inform the Securities and Exchange Board of India as Reliance Capital is a listed entity,” the official said.
The role of the IRDA will begin once the intention translates into an actual business transaction, he said, adding: “From our side, things will begin moving after a formal intimation to us.”
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