PNB Shortlists 10 Insurers For Equity Venture
The shortlisted companies include HDFC Life, Reliance Life, Birla Sun Life and Max New York Way of living. The smaller companies consist of Aviva, Metlife, Bharati Axa, Aegon Religare, DLF Pramerica, and Future Generali. Of these companies HDFC Life has a bank as a group company and Max New York Life has a partnership with Axis Bank.
The bank has said that it has chosen one where it will receive commission for distribution of items in addition to an equity stake in the insurance company.
Some of the smaller life companies are fraught for a bank partner in order to accomplish range within the new distribution cost structure prescribed by the valve. These types of are willing to give you a stake as high as 30% at par value for money.
At the same time large insurers are also keen to have a bank in their fold as the new regulations makes it very hard for life insurance companies to scale up operations. The cap on charges, which became effective from technique half of this economic, limit the extent of commission that can be paid on policies and therefore restrict distribution.
According to industry insiders the public sector bank will now have take into account companies that offer it veto power stake greater than 26% and companies who offer a small but more valuable stake.
PNB had invited Expression of Interest from intending insurance companies for strategic partnership in Insurance business with the bank on 28.12.2010. The bank declared that it had received 'overwhelming' response from Indian and International Insurance companies proposing different models.
'After evaluation of important models received, the Bank has decided to take part in the the life insurance venture through a corporate agency tie-up along with equity participation in an existing Indian life insurance group. Accordingly, RFPs have been issued to following ten insurance companies who had proposed this model' the financial institution said. It added that a partner will be finalized based on the evaluation of the proposals submitted by these insurance specialists.
Source: [Times of India]
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