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American International Group announced that it has received approval from the Indian Insurance Regulatory and Development Authority to establish a joint venture with the Tata Group “to market commercial and personal lines property-casualty insurance in India.”

“We are very pleased that the Indian regulatory authorities have granted this license to the Tata ÌìÃÀÍøÕ¾´«Ã½´«Ã½ general insurance joint venture, marking ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s return to India after an absence of 30 years,” said ÌìÃÀÍøÕ¾´«Ã½´«Ã½ CEO Maurice Greenberg.

Under recently enacted legislation foreign companies are permitted to own up to 26 percent in joint insurance ventures in India. ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s successful tie up with Tata, one of the country’s largest financial groups, marks the first time that a U.S.-based insurer has been granted permission for a general insurance license and will give ÌìÃÀÍøÕ¾´«Ã½´«Ã½ immediate access to a rapidly expanding market.

The two companies have also filed a request to operate a joint life insurance venture, which is still awaiting the approval of the Regulatory Authority.

Topics Mergers & Acquisitions Legislation ÌìÃÀÍøÕ¾´«Ã½´«Ã½ India