MUMBAI: In a decision that may not go down well with New Delhi, Singapore has denied permission to India’s largest financial institution, Life Insurance Corporation of India (LIC), to set up a subsidiary there until it has a credit rating from an international agency.About a year ago, LIC had sought Singapore’s approval to set up a life company to sell insurance policies, and talks with the local authorities were progressing well.
The state-owned insurer, which runs a representative office in Singapore, was hopeful of getting a licence. But during the final round of negotiations, Singapore authorities insisted that the parent’s rating was a prerequisite for doing business in the island state. Full Story
