Date : Jan-15-2009 12:13
J Hari Narayan, Insurance Regulatory Development Authority (IRDA) chairman isn’t too agitated about investments made by insurers in the IT space, despite intense World Bank heat on Satyam and Wipro. The AA rating is good enough for insurers to take coverage in IT companies, says the Narayan.
Insurers are required to hold on to the AA (double A) rating for investing in equities of any company and that is satisfactory even for IT companies. Wipro’s blacklisting by the World Bank is no cause for jitters. The company was blacklisted a few years back. Hence there should not be any worries," IRDA chairman said.
We have called for information on the exposure of insurers in Satyam. The Wipro case and other companies that may have been blacklisted is no call for concern, at least for now, he added.
At IRDA, we don’t intend to introduce any upper investment limit in so far as exposure in the IT sector by insurance companies goes. Insurers will keep investing as per existing guidelines, said Hari Narayan.
J Hari Narayan, Insurance Regulatory Development Authority (IRDA) chairman isn’t too agitated about investments made by insurers in the IT space, despite intense World Bank heat on Satyam and Wipro. The AA rating is good enough for insurers to take coverage in IT companies, says the Narayan.
Insurers are required to hold on to the AA (double A) rating for investing in equities of any company and that is satisfactory even for IT companies. Wipro’s blacklisting by the World Bank is no cause for jitters. The company was blacklisted a few years back. Hence there should not be any worries," IRDA chairman said.
We have called for information on the exposure of insurers in Satyam. The Wipro case and other companies that may have been blacklisted is no call for concern, at least for now, he added.
At IRDA, we don’t intend to introduce any upper investment limit in so far as exposure in the IT sector by insurance companies goes. Insurers will keep investing as per existing guidelines, said Hari Narayan.
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