This is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance to SBI Life, the company said.
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
The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC
It is not a merger of two life insurance companies but only the transfer of life insurance business and policyholder assets and liabilities of Sahara India Life Insurance to it, SBI Life Insurance said on Friday.
The failure to recover Rs.70.15 crore diverted to promoter company, transfer of promoters shares to 'fit and proper' promoters, submitting an incomplete a board approved business plan, non-reconciliation of two bank accounts, not strengthening .