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Insurance
03-Jun-23
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Insurance regulator IRDAI asks SBI Life to take over Sahara Life business
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Regulator IRDAI on Friday directed SBI Life Insurance to take over the defunct Sahara India Life Insurance Co. Ltd (SILIC) business that includes two lakh policies along with policyholders' assets.
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 Sahara Life.
A committee comprising IRDAI members has been set up for a swift and smooth transition. The regulator has asked SBI Life to assist Sahara Life policyholders. SBI Life will also put important information online.
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.
"SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," IRDAI said in its order.
In a statement, the IRDAI said, it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.
Sahara Life was given licence to sell life insurance in 2004. But there were major problems with its promoters and capital management. The regulator had to step in and prevent it from selling new policies in 2017.
In 2021, IRDAI said that Sahara Life's owners were not ‘fit and proper' to run the business and asked the company to develop a new revival plan. This happened after Sahara Life appealed against a previous order to transfer their business to ICICI Prudential Life Insurance.
Responding to the order, Sahara Life said in a statement that IRDAI had earlier, in 2017, ordered the transfer of Sahara Life Insurance business to ICICI Prudential Life Insurance. The Securities Appellate Tribunal (SAT) had on July 28, 2017 overturned this decision. “Similarly, today, the IRDAI has once again ordered the transfer of Sahara Life Insurance business, this time to SBI Life. However, it is important to note that this matter is currently under judicial consideration with the SAT, and the next hearing is scheduled for June 6," it said.
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