AMP Sanmar to be renamed Reliance Life

Anil Ambani-controlled Reliance Capital has received regulatory approval to change the name of AMP Sanmar Life Insurance to Reliance Life Insurance.

Reliance capital had acquired the entire equity capital of AMP of Australia and chennai-based Sanmar group in AMP Sanmar Life Insurance for about Rs 100 crore in September, 2005, to make a direct entry into Life insurance with a readymade customer base.

Insurance regulatory and development authority (Irda) also took note of the the fresh certificate of incorporation, consequent to the change of name, issued by the registrar of companies, Tamil Nadu on January 17, 2006.

While giving permission to Reliance Life to carry on Life insurance in India, Irda said that Reliance Life will have to honour its commitments to the policyholders of AMP Sanmar on the same terms and conditions subject to which they were issued.