ITI Reinsurance writes to IRDA asking share of Rs 5000 cr obligatory premium: Sources

Name: ITI Reinsurance writes to IRDA asking share of Rs 5000 cr obligatory premium: Sources
Uploaded: 2017-03-14T13:21:21+05:30
Description: Fortune Financial wants a more level playing field for its reinsurance entity ITI Reinsurance.

Fortune Financial wants a more level playing field for its reinsurance entity ITI Reinsurance.

March 14, 2017 / 15:26 IST

Fortune Financial wants a more level-playing field for its reinsurance entity ITI Reinsurance.

Sources privy to the development tell CNBC-TV18 that in a letter to the insurance regulator, ITI has argued that it be given a share of the Rs 5,000 crore reinsurance premium which goes to government-owned GIC Reinsurance, according to current rules.

ITI is owned by Fortune Financial which is promoted by Sudhir Valia who is an executive director of Sun Pharmaceuticals and also the brother-in-law of Sun Pharma's founder Dilip Shanghvi.

CNBC-TV18's Yash Jain reports further on the development.

Watch video for more.

first published: Mar 14, 2017 01:21 pm

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