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Not a merger, only acquisition of life insurance assets/liabilities of Sahara India Life: SBI Life

Not a merger, only acquisition of life insurance assets/liabilities of Sahara India Life: SBI Life
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SBI Life to take over liabilities of Sahara India Life Insurance: Irdai

Regulator Irdai on Friday 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 of the SILIC. The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.

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IRDAI asks SBI Life to take over Sahara India s life insurance business

'The decision has been taken as Sahara Life failed to comply with directions of IRDAI and take any affirmative steps to protect interests of policyholders,' says the insurance regulator

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IRDAI takes over management of Sahara Life Insurance, says insurer was acting in a manner harmful to interest of subscribers

IRDAI takes over management of Sahara Life Insurance, says insurer was acting in a manner harmful to interest of subscribers IRDAI takes over management of Sahara Life Insurance, says insurer was acting in a manner harmful to interest of subscribers In An Order, The Insurance Regulatory And Development Authority Of India (Irdai) Appointed One Of Its General Managers, R K Sharma, As Administrator To Manage The Affairs Of The Insurer With âimmediate Effect . PTI | Updated on: 13 Jun 2017, 08:16:07 AM New Delhi: In a rare intervention, insurance regulator IRDAI on Monday announced taking over the management of the Sahara India Life Insurance Company, saying Subrata Roy-run insurer was “acting in a manner” harmful to interest of subscribers.

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