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Create buffer against Infrastructure Leasing and Financial Services shock: Insurance Regulatory and Development Authority
The Insurance Regulatory & Development Authority (IRDAI) has advised insurance companies to create a buffer against their exposure to the beleaguered Infrastructure Leasing & Financial Services (IL&FS) Group, an official said here on Thursday.
By
migrator
migrator
Mumbai
IRDAI Chairman SC Khuntia has asked them to make suitable provisions as those exposures cannot be written off, five months after the regulator had sought the insurance companies’ equity and debt exposures to the IL&FS group.
While the public-owned Life Insurance Corp of India (LIC) is the biggest stakeholder with a 25.34 percent stake in IL&FS, the private player IDBI Federal Life Insurance has an exposure of around Rs 20-crore plus.
Aditya Birla Sun Life has no exposure but the real extent of exposure of the other insurance companies in the IL&FS is not clear so far.
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