ICICI lombard General Insurance Company has got capital markets regulator Sebi’s go-ahead for its estimated Rs 6,000 crore initial public offer (IPO), which could be the first by a general insurer in the country. Two state-run general insurers -- General Insurance Corp of India and New India Assurance Company -- as also two life insurance firms (SBI life and HDFC Standard life) have also lined up IPO plans and are awaiting Sebi’s go-ahead for their respective draft papers.
Among these, Sebi is awaiting ‘clarification’ from insurance regulator IRDAI with regard to IPOs by HDFC Standard life, New India Assurance and General Insurance, as per the latest update available with Sebi on these IPOs.
In case of SBI life, the market regulator received the required details from IRDAI on August 28 and the case is currently ‘under process’ at Sebi's end. Sebi issued its ‘observations’ - a technical jargon for the regulator's go-ahead for public issues -- on the public offer by ICICI lombard General Insurance on September 1.