HDFC Life Insurance, Max Life fail to get merger nod by IRDA
The Insurance Regulatory and Development Authority of India (IRDA) has denied permission to the proposed merger of Max Life Insurance and HDFC Standard Life Insurance. IRDA said the deal's structure violates Section 35 of the Insurance Act, 1938, which bars the merger of an insurance company with a non-insurance firm. Both the companies are now exploring other options.