Willis is poised to sign up a new joint venture partner in India after the government refused to renew its licence.

As a result Willis has terminated its joint venture with Bhaichand Amoluk Consultancy Services (BACS), which holds a 74% stake in the Indian company.

The Indian regulator, the Insurance Regulatory and Development Authority (IRDA), says it had received a number of complaints against Willis India.

The complaints included the Indian partner withholding funds from a reinsurance treaty with foreign insurers, a dispute on insuring an aircraft and claims the company’s bank account had not been maintained properly.

The authority says because BACS failed to adhere to the country’s insurance broking regulations and “acted in a manner prejudicial to the interests of the policyholders”, it was refusing the joint venture a new licence.

Willis India MD Andrew Hicks says the company has been in India for nearly 20 years, and will appeal against the decision while seeking a new joint venture partner.