The Insurance Regulatory and Development Authority of India (Irdai) has directed SBI Life Insurance Company to take over the policy liabilities of approximately 200,000 policies along with assets of Sahara India Life Insurance Co. Ltd. (SILIC) as SILIC’s financial health is deteriorating. The order was given during a meeting of the Irdai. In a statement, the Irdai confirmed that it has made arrangements to ensure a smooth transition for all policyholders of SILIC. SBI Life Insurance is one of the largest life insurers in India and has satisfactory finances, making it an appropriate candidate for the acquisition of SILIC.
SBI Life Takes Over Policy Liabilities and Assets of Sahara India Life Insurance as per Insurance Regulator’s Request
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