I'm sure LIC will take a prudent decision on IL&FS, says Irdai chairman

The Insurance Regulatory and Development Authority of India (Irdai) has asked insurance firms to make “prudent” decisions when it comes to investing in companies downgraded by credit rating agencies. Subhash C Khuntia, chairman of Irdai, said that in the case of a downgrade of a company’s rating, it is for insurance companies to take action and decide what to do and how to retrieve the maximum value from their investment. “Normally, when there is a downgrade, insurers should withdraw their investment and place it somewhere else,” Khuntia said on Tuesday, spe.....

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