Willis to appeal Indian regulatory renewal rejection and form new joint venture
Willis Group Holdings is to appeal the decision by the Insurance Regulatory Development Authority (IRDA) that it is "not inclined to accept" the license renewal application of the broker's joint venture in India, Willis India Insurance Brokers Pvt Limited, in which Willis holds a 26% stake.
The IRDA order, dated 1 September 2010, reviewed the reasons behind the IRDA’s decision, but added that Willis India can appeal.
In a statement, Willis said: "Willis India is taking all steps necessary and is moving forward expeditiously to appeal to the IRDA and is seeking their support and guidance to ensure business continuity. Until such time as an appeal is heard, Willis India will continue to put the best interests of its clients and employees first."
Willis said it is "extremely concerned
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