In a big relief to Sahara India Life Insurance Co Ltd, the Securities Appellate Tribunal (SAT) on Tuesday stayed regulator Irdai s order directing the transfer of policy liabilities of around two lakh policies along with assets of Sahara Group firm to SBI Life Insurance Company.
Irdai-SBI Life deal: On June 2, Irdai directed SBI Life Insurance to take over policy liabilities of around 2 lakh policies of Sahara Life as the latter failed to comply with the regulatory directions
Agencies Regulator Irdai directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health
SBI Life Insurance said it is not merging with Sahara India Life Insurance, but will take on two lakh policy liabilities and related assets from the beleaguered firm. SBI Life Insurance said it would reach out to the two lakh policyholders to ensure a smooth transition.
SBI Life, a subsidiary of country s biggest lender State Bank of India (SBI), has said it is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance.
On Friday regulator Irdai directed SBI Life Insurance to takeover the