<h1>Public Sector Banks Partner with Insurers; Share Transfers Governed by Section 6A 4(b) of Insurance Act, 1938; IRDA Guidelines Apply.</h1> Public sector banks have established partnerships with insurance companies to conduct business, as reported by the Insurance Regulatory and Development Authority (IRDA). Share transfers among insurance company shareholders are regulated by Section 6A 4(b) of the Insurance Act, 1938, and specific IRDA guidelines. While share valuation for transfers among resident shareholders follows Company Law provisions, IRDA has not set particular guidelines for these valuations. Transfers to foreign promoters must comply with RBI Pricing Guidelines, and IRDA ensures adherence to FDI guidelines regarding shareholding by domestic and foreign promoters. This information was provided by the Minister of State for Finance in a Lok Sabha response.