INSURANCE
IRDAI takes over management of Sahara India Life Insurance Company
Jun-14-2017

Insurance regulator IRDAI has announced taking over the management of the Sahara India Life Insurance Company, a wholly-owned subsidiary of Subrata Roy-led Sahara Group, saying Subrata Roy- run insurer was ‘acting in a manner’ prejudicial to interest of subscribers.

In an order, IRDAI appointed one of its general managers, R K Sharma, as administrator to manage the affairs of the insurer with ‘immediate effect’. The regulator said it has ‘reasons’ to believe that Sahara India Life Insurance Company ‘is acting in a manner likely to be prejudicial to the interest of holders of life insurance policies’. The administrator shall conduct the management of the business of the insurer as per the applicable provisions under the Insurance Act, 1938, IRDAI said in a statement. IRDAI further said it will be the endeavour of the administrator to ensure the servicing of the policyholders and managing the affairs of the insurer in a smooth manner as far as feasible.

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