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Scheme of Arrangement among Bharti AXA General Insurance Limited
(Bharti AXA), ICICI Lombard General Insurance Company Limited (the
“Company”) and their respective shareholders and creditors(the “Scheme”).
This is to inform you that the Insurance Regulatory and Development Authority of India (IRDAI) has given an in-principle approval to the proposed demerger of General Insurance Business of Bharti AXA with ICICI Lombard General Insurance Company Ltd (Reference - IRDA letter no. 459/F&A(NL)/Demerger/
The resultant entity will have improved operational efficiency by leveraging enhanced product suite, deeper customer connect and stronger sales and distribution network.
Please note that the Scheme is subject to approvals of relevant regulatory and/or statutory authorities. As on date, apart from IRDAI in principle approval, the Scheme has received approval from Competition Commission of India (CCI) as well as observation letters from BSE and NSE. The Scheme has also been filed by the Company before the Mumbai Bench of the Hon’ble National Company Law Tribunal (“NCLT”) and shareholders meeting for approval of the scheme was held on February 23, 2021 in line with the directions of the Tribunal.
We wish to assure you that there will be no change in your policy coverage and associated benefits. We will be happy to provide you more information as you may require in this regard. For your convenience, we have made available all the relevant documents with respect to the proposed scheme at our registered office and branch office(s). You can also access these documents online at https://www.icicilombard.com/
If you have any queries or feedback on the proposed Scheme, you can visit us at our registered office situated at ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhivinayak Temple, Prabhadevi, Mumbai 400025 or send us an email at customersupport@icicilombard.
Assuring you the best of our services at all times.
For ICICI Lombard General Insurance Company Limited