Max India has obtained permission from regulator Insurance Regulatory and Development Authority of India (IRDAI) for the sale of the entire stake it holds in Max Bupa Health Insurance Co. Max Bupa Health Insurance Company is a joint venture between Max India and the UK-based healthcare services expert, Bupa. The stake has already been bought by Fettle Tone, an affiliate of True North Fund VI. The stake sale will not impact the policy holders of Max Bupa as IRDAI has evolved measures to protect the interests of existing customers whenever ownership of a company changes hands. The regulator does not allow any arbitrary changes in the product. Similarly, if a company decides to discontinue a product, the regulation states that the insurer needs to offer the customer another product that has the similar or better features compared to the plan that it wants to terminate.
