IRDAI has issued a discussion paper on listing of Indian insurance companies on August 11, 2016, which inter alia provides for: (i) all general insurance companies, including standalone health and reinsurance companies to mandatorily take steps to list their shares upon completion of eight years of operations; (ii) all life insurance companies to mandatorily list their shares upon completion of 10 years of operations; (iii) all insurance companies that have already exceeded the number of years of operation indicated in (i) and (ii) to initiate steps to ensure that they list their shares within a period of three years from the date of issue of the proposed guidelines; and (iv) Indian insurance companies that meet the above criteria to: (a) take up the matter of listing with their respective board of directors within a period of three months from the date of issue of the proposed guidelines; (b) file the roadmap for an initial public offering (‘IPO’), duly approved by their respective board of directors, with IRDAI within a period of 45 days from the date of such approval; and (c) initiate process of IPO in accordance with the approved roadmap within such period as may be approved by IRDAI.