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General insurers must declare claims in IPO offer: SEBI

Claims under review must also be disclosed and classified by age and type, SEBI said

July 26, 2012 10:50 IST | India Infoline News Service
On 25th July, SEBI (Securities and Exchange Board of India) released disclosure norms for initial public offerings (IPOs) launched by general insurers.

The disclosures must accord to the format published by Insurance Regulatory and Development Authority, the market regulator said.

While equity markets are regulated by SEBI, IRDA supervises the insurance industry. Under the new IPO norms issued by SEBI, GICs (general insurance companies) must also declare cross-selling and claims while going in for an IPO, and must declare risk factors, which will act as guidance.

A GIC will also be mandated with declaring the maximum possible loss ratio to potential investors, SEBI said. Claims under review must also be disclosed and classified by age and type, SEBI said.

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