The long standing case of Sahara Life Insurance verses SEBI has a new update.
It was earlier reported that the Insurance Regulatory Development Authority of India (IRDAI) had taken a historic step in its 18-year journey by barring Sahara Life Insurance from selling new policies post 23rdJune, 2017. IRDAI also appointed its General Manager R. K. Sharma as the administrator to look after the company’s affairs.
Later on, IRDAI had put up a proposal before the giants of insurance sector in India viz. - Life Insurance Corporation of India, SBI Life Insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd, ICICI Prudential Life, Bajaj Allianz Life Insurance Co. Ltd, and Kotak Mahindra Old Mutual Life Insurance Co. Ltd- to acquire the business of Sahara Life Insurance.
Consequently, in a recent update, it is reported that ICICI Prudential has expressed its desire to acquire the business of Sahara Life Insurance. The company has agreed to take over Sahara Life’s total liability against its policyholders that stands at ₹ 900 crore, as revealed by a report.
For further update on the case, keep following our news thread.
[Source and Credits: Financial Chronicle (mydigitalfc.com)]