Since the insurance Act was amended, very few foreign promoters have started increasing their stakes in the insurance joint ventures, after regulator Insurance Regulatory and Development Authority of India clarified the issue of 'management control'. In the last few months, ICICI Prudential Life Insurance was listed on the stock exchange, while HDFC Life and Max Life Insurance have proposed their merger. Milliman also believes that players with strong bancassurance (banca) will continue to do better compared to non-banca players. Milliman also says the sudden reduction in the interest rates can be expected to have adverse impact on life insurance companies operating in the market. "A significant portion of life insurers participating funds are invested in fixed income securities, which would be expected to yield less.