Shares of SBI Life Insurance Company rose slightly on November 29 after the company issued a clarification addressing media reports about potential regulatory changes by the Insurance Regulatory and Development Authority of India (IRDAI). Reports had suggested that IRDAI might impose a cap limiting a parent bank’s contribution to an insurer’s bancassurance business to 50%.
Key Clarification:
SBI Life stated in its official communication:
- IRDAI consultative process: The insurer highlighted that IRDAI follows a consultative process, seeking feedback from all stakeholders before drafting or revising regulations.
- No regulatory discussions: During its regular interactions with IRDAI, SBI Life has not been made aware of any discussions or plans to revise bancassurance-related rules.
- Commitment to accessibility: The company reiterated its commitment to expanding insurance accessibility across the country through its diversified distribution network.
Market Reaction:
As of 9:27 am, SBI Life shares were trading 0.52% higher at ₹1,436 on the NSE, reflecting investor confidence following the clarification.
