The Insurance Regulatory and Development Authority of India (IRDAI) has declared that the promoters of Sahara India Life Insurance Company Ltd are not fit and proper to continue running the company, but the same criteria also apply to the Administrator appointed by the regulator two years ago, according to a Supreme Court advocate. The IRDAI’s order to transfer the life insurance policies of Sahara India Life to SBI Life Insurance Company Ltd seems impregnable, as it chronicles events and specifies alleged acts of omissions and commissions that resulted in the takeover. The advocate hopes the IRDAI considered all aspects of the fallout of its order, including the transfer of life insurance business, and justified the decision if it is contested. The IRDAI issued a similar order on 28 July 2017, but the business transfer was ordered to ICICI Prudential Life Insurance Company Ltd, whereas the June 2, 2023 order transferred policy liability to SBI Life. The reason behind the discrepancy is unclear, but a senior life insurance official suggests SBI Life may have a stronger balance sheet. The administrator appointed to Sahara India Life in 2017 will remain in office after the business transfer.
Fit and Proper Criteria Required for IRDAI-Appointed Administrator of Sahara India Life: SC Advocate
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