India, Feb. 14 -- Nine insurance companies including HDFC Ergo and SBI General have submitted their plans for an Initial Public Offering (IPO) to the Insurance Regulatory and Development Authority of India (IRDAI), according to an Economic Times report.

HT couldn't independently verify the information.

This follows the regulator's push for them to get listed. Though listing isn't mandatory as of now, the IRDAI has been encouraging insurers to go public since it would help improve corporate governance and also in raising funds.

As a result, 10 large insurance companies were supposed to submit their listing plans to the IRDAI. This includes Bajaj Allianz Life, Bajaj Allianz General, Tata AIA, and Tata AIG General Insurance, to submit the...