Key takeaways:

• Public offerings will be subject to regulation by both the Insurance Regulatory and Development Authority of India (“IRDA”) and the Securities and Exchange Board of India (“SEBI”).
• Only life insurers that have completed ten years of operations in India will be eligible to go public. In addition, a company will need to have an embedded value that is at least twice its paid-up equity capital (including share premium).
• Companies may not approach SEBI for a public issue of shares or a subsequent issue without the specific approval of IRDA.
• IRDA approval will be valid for a period of one year from the date of issuance; prospective issuers must file their draft red herring prospectus with SEBI within this period.