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SBI General Insurance, a joint venture of State Bank of India and Insurance Australia Group gets IRDA approval

SBI General Insurance Company Limited, a joint venture general insurance company promoted by State Bank of India and Insurance Australia Group, Australia has been registered as a General Insurer under Section 3 of the Insurance Act, 1938 with the Authority. The Certificate of Registration has been issued by the Authority on 15.12.2009. With this registration, the total number of general insurers registered with the Authority has gone up to 22.

While SBI has put Rs 111 crore for its 74 per cent equity, foreign partner has brought in Rs 542.10 crore (including share premium around Rs 500 crore), for its stake of 26 per cent. This is the highest premium paid by a foreign insurance company to a Indian partner.

Japan's Dai-Ichi had paid Rs 170 crore for 26 per cent in its life insurance joint venture with Bank of India and Union Bank. HSBC paid Rs 125 crore for venture with Canara Bank and Oriental Bank of Commerce. Legal & General from UK paid about Rs 225 crore for a 26 per cent stake in its life insurance venture with Bank of Baroda and Andhra Bank. Universal Sompo paid 86 crore for stake in a non-life insurance venture with Allahabad Bank and Indian Overseas Bank.

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