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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (164)	2/15/2000 10:47:00 PM
From: Mohan Marette	Respond to of 494

Foreign firms in race to foray into local insurance business 15-02-2000 11:12:24 Four foreign companies French major Axa, German company Allianz, US firm American International Group (AIG) and UK major Commercial Union and General Accident (CGU) are waiting for the regulatory framework to be announced by the IRDA after it is vested with statutory power. Axa, AIG and Allianz plans to enter both the sectors with the same partners. CGU will be maintaining two-way joint venture arrangement. General Accident along with Bombay Dying will opt for non-life business while Commercial Union along with the Delhi-based Hindustan Times Group will conduct life insurance business. AIG in its existing tie-up with Tata Sons will form two subsidiaries to transact both the businesses. Allianz too will be floating two subsidiaries in a tie-up with Alpic instead of having two different partners for both the segments. Axa, the largest insurance company in the world, is likely to finalise its joint venture plan for both the life and non-life business with the Cholamandalam Group. Source: Financial Express