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Indian watchdog wants 'fit and proper' shareholders backing insurers

India's insurance regulator said startups backed by private equity looking to operate in the insurance sector must have "fit and proper" controlling shareholders that have the ability to invest capital to support long-term growth, Times News Network reported Aug. 8.

The Insurance Regulatory and Development Authority has received proposals from private equity companies, said T.S. Vijayan, chairman of the regulator, speaking at an event. The insurance regulator wants to determine whether an investor has the capacity to support an insurance company for a longer term of between eight and 10 years, he said.

Vijayan noted that there was scope in the Indian insurance sector for the emergence of small insurance companies with a specific geographic focus or area of operation.