Section 37A of IA : Section 37A: Power Of Authority To Prepare Scheme Of Amalgamation

IA

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Explanation using Example

Imagine a situation where two insurance companies, "SafeGuard Insurance Ltd." and "SecureLife Insurance Corp.", are operating in a competitive market. Due to recent economic downturns, SafeGuard has been struggling to maintain its financial stability and market share, while SecureLife has a more robust financial structure and a larger customer base.

The Insurance Regulatory and Development Authority (IRDA), which is the 'Authority' referred to in Section 37A of the Insurance Act, 1938, identifies that an amalgamation of SafeGuard with SecureLife could be beneficial for the policyholders and the insurance industry. The IRDA believes that this merger would:

  • Ensure the cont...

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