Saturday, June 2, 2012

New York Life Leaving from Joint Venture Max New York Life in India : Latest Insurance News


Here is a Latest Insurance News on fourth largest Indian Private Life Insurance Company Max New York Life.

New York Life Leaving from Joint Venture Max New York Life in India

New York Life is US based insurance company stated its departure by selling its 26% stake to Mitsui Sumitomo a Japan insurance company, from Max New York Life a joint venture of Indian Life Insurance.

MNYL is Max New York Life a joint venture between Max India and New York Life.

Max New York Life is one of fourth largest Indian Private Life Insurance Company.

A foreign partner can hold up to stake of 26% in an insurance joint venture as per regulation existing in Indian life insurance sector.

Mitsui Sumitomo a Japan based insurance company want to arriving to Indian insurance Market and discussed with New York Life. After discussions from last 8 or 9 months the US insurance firm New York Life is decided to exit largest Indian insurance Market and want to focus Mexico and USA.

Recently New York Life had sold its businesses in South East Asian countries like Thailand, South Korea, Hong Kong and China a largest market like Indian insurance Market.

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