Regulator advises acquirer to reach out to policyholders of Sahara India Life Insurance
Less than two months after appointing an administrator to manage the affairs of Sahara India Life Insurance (SILIC) and acting on a report from the official, Insurance Regulatory and Development Authority of India (IRDAI) has directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of the beleaguered SILIC effective July 31.
Administrator’s report
“This order is binding on all persons concerned and shall have effect notwithstanding anything in the memorandum or articles of association of Sahara India Life Insurance Co. Ltd.,” the IRDAI said in a directive.
IRDAI had, on June 12, appointed its General Manager (F&A-NL) R.K. Sharma as administrator for the Lucknow-based Sahara India Life Insurance.
Ten days later, based on the administrator’s report, it directed the insurer not to procure or collect proposal deposits or underwrite new business with effect from June 23.
“The report of the administrator indicated that there is total failure of the governance system of Sahara India Life Insurance and the interests of the policyholders are at stake,” IRDAI said.
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