The Insurance Regulatory and Development Authority of India (IRDAI) has given in-principle approval to the acquisition of non-life insurance business of Bharti AXA by ICICI Lombard General Insurance.
“IRDAI … has granted in-principle approval under Section 35 to 37 of the Insurance Act, 1938 read with IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011 with respect to the said transaction,” ICICI Lombard General Insurance said in a regulatory filing on Friday.
The two companies had announced the proposed merger on August 21 this year.
“ICICI Lombard is progressing applications for receipt of requisite approvals from other concerned regulators for the transaction,” the insurer said in the statement.
Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent in the non-life business.