FIPB REJECTS ALLIANZ PLAN TO FORM NBFC

Article Abstract:

Foreign Investment Promotion Board (FIPB) has rejected a proposal by Allianz AG to form a joint venture with Alpic Finance in the non-banking finance companies (NBFCs) sector. The two partners had proposed to operate in the areas of commercial loans, hire purchase and installment sale plans, including financial service activities. The FIPB rejected the joint venture as the proposed activities are not covered under the approved activities for NBFCs with foreign investment.(uh)

Comment:

Foreign Investment Promotion Board (FIPB) has rejected a proposal by Allianz AG to form a joint venture with Alpic Finance in the non-banking finance companies (NBFCs) sector.

Germany, Joint ventures, Allianz Aktiengesellschaft Holding

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GIC NOT TO PROVIDE SECURITY FOR MILLENNIUM BUG BITES

Article Abstract:

General Insurance Corporation (GIC) has decided not to provide insurance cover to losses arising out of Y2K problem. It will also not provide any specialised policy to cover Y2K risks though it has received several requests for the same. The millennium bug has been removed even from insurance policies providing All Risks cover. The company is likely to incorporate a specific exclusion clause on all covers issued in 1999 and onwards. (gsh)

Comment:

Decides not to provide insurance cover to losses arising out of Y2K problem

Services information, India, Article, General Insurance Corp.

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