Mumbai: The two insurance subsidiaries of the crippled mortgage lender Dewan Housing Finance (DHFL) are unlikely to be impacted by the ongoing bankruptcy proceedings of their parent as they continue to have adequate solvency ratios, Irdai chairman SC Khuntia said on Friday.
He also asked insurance companies to write off their exposure to the bankrupt DHFL as they did in case of IL&FS.
DHFL, admitted for bankruptcy proceedings on December 3, has two insurance joint ventures--DHFL Pramerica Life Insurance and DHFL General Insurance.
DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management and employs 3,100.
DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group, and manages $18.6 billion assets through its lending, investment and insurance platforms.