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Thursday, July 7, 2011

Delay in Life Insurance Partner Selection for PNB

PNB, which is in the final stages of selecting its Life Insurance Partner, has announced that it will do so by September 2011. The earlier expectation was that they would decide by July.After an elaborate selection process, the list of prospective life insurance suitors has been reduced to two companies- Aviva Life and MetLife. Bharti Axa, which was also in the final round, is now out of the race post the acquisition by Reliance. One wonders why the selection process has been delayed. Some sources feel that the recent developments in the field of Bancassurance where a bank might be allowed to tie up with two life insurance partners might have brought in a new dimension to the decision. Also, PNB is looking at acquiring a substantial stake in the life insurance company that it ties up with. This practice has caught the attention of IRDA which is looking into the matter.
We will watch the developments closely and keep you informed.

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