Insurance major can't be bailing out government

Media reports suggest that the government wants the state-owned life insurer, Life Insurance Corporation, to be allowed to buy as much as 25% of a company’s share capital even as the industry regulator mandates that insurers don’t go beyond 10%. The chairman of the Insurance Regulatory and Developmental Authority (Irda) has reportedly cautioned the government, saying this would not be a prudent move but the latter is ostensibly keen to push through its disinvestment programme for the year and is not willing to listen.

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