By CNBC-TV18 Mar 12, 2019 9:42:50 AM IST (Published)
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The insurance regulator has rejected Fairfax CEO Prem Watsa's proposal to buy ITI Reinsurance, The Economic Times reported.
The insurance regulator has rejected Fairfax CEO Prem Watsa's proposal to buy ITI Reinsurance, The Economic Times reported.
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ITI Reinsurance is owned by Sudhir Valia, brother-in-law of Sun Pharma cofounder Dilip Shanghvi.
The Insurance Regulatory Authority of India (Irda) said that ITI Reinsurance’s licence demands a five-year lock-in during which the company's shares can’t be sold, people with knowledge of the matter told the newspaper.
Watsa, a keen investor in India’s financial services, is likely to be asked to apply afresh if he wants to still pursue business in the sector, the sources added.
Watsa-promoted Digit Insurance had filed the application with Irda to buy ITI Reinsurance from Valia’s Fortune Financial Services last year.
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