LIC expects nod shortly to start biz in Singapore

The country's largest insurer, Life Insurance Corporation, on Friday said it is expecting a favourable choice from the Singapore authorities to enter the insurance business in the island state.

"LIC had asked for authorization to set up a supplementary. The process is going on (regulatory clearance)," LIC Managing Director A K Dasgupta said.

"We are expecting to obtain favourable decision from the Singapore authorities and expectantly it should come in due course of time," he said.

The Singapore regulatory authorities have been speedy and their processing has been fast, he added.

Along with a rating from an international agency, the company has submitted other related documents for approval, he said.

However, he said the regulator has asked for various clarifications regarding capital and other details.

The query generated by the Singapore authorities is part of a custom exercise and LIC is in the process of transfer feedback, he said.

LIC set up a representative office in Singapore about two years ago. It has done a lot of market surveys and practicality studies for setting up a subsidiary in the country, he said.

LIC already has an overseas being there in countries like the UK, Mauritius, Kenya, Nepal and Sri Lanka. In the Middle East, LIC is present in Saudi Arabia, Kuwait, Dubai, Abu Dhabi, Oman and Qatar.

During 2009-10, LIC collected a premium of Rs 70,891 crore compared to Rs 52,954 crore in 2008-09, thereby growing by around 34(%) per cent during the year.

The market share of LIC increased to 65 per cent in 2009-10 compared to around 61(%) per cent in the previous year.

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