SBI Life To Acquire Sahara India's Life Insurance Business
The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has decided to transfer the life insurance business of Sahara India Life Insurance Co (SILIC) to SBI Life Insurance Company Ltd (SBI Life).
SBI Life will take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect, said the insurance regulator.
IRDAI said that it taken necessary steps to ensure the smooth transition for all policyholders of Sahara India Life Insurance Co (SILIC).
A committee comprising of Member (Actuary), Member (Life), and Member (F&I) has been constituted for implementation of the Order in a timebound manner.
SBI Life has been directed to take adequate steps to reach out to the policyholders of SILIC, with regard to servicing of policies, including setting up of a dedicated cell to address the queries of the policyholders of SILIC, and also publish necessary details on their website.
Sahara India Life Insurance Co. Ltd (SILIC) was granted a Certificate of Registration in 2004 to transact the business of life insurance. However, due to issues on the financial propriety and governance aspects of the insurer, IRDAI had appointed an administrator to manage the business of the insurer in 2017.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
Updated: 02 Jun 2023, 07:42 PM IST
Next Story
No Network
Server Issue
Internet Not Available
Labour's Winning Streak: Momentum Builds In The 2024 Local Elections
As the 2024 local elections unfold, Labour has emerged as a formidable force, securing a series of significant victories... Read more
Revisiting Campus Conflict: Rethinking The Role Of Law Enforcement Amidst Student Protests
Recent clashes between protesters and law enforcement at Columbia University and other American campuses have sparked re... Read more
Pro-Palestinian Protests Surge: Unveiling Fault Lines On American Campuses
In recent months, American universities have become the focal points of escalating pro-Palestinian protests, with events... Read more
Hong Kong Introduces Groundbreaking Cryptocurrency ETFs For Retail Investors
Hong Kong has entered a new era in the realm of cryptocurrency investments with the recent introduction of the first spo... Read more
UK's Local Elections 2024: A Decisive Political Landscape Shift
In the spring of 2024, the United Kingdom witnessed a pivotal moment in its democratic process as local elections unfold... Read more
The Fragile Lifeline: America's Aid To Ukraine Amidst Political Struggles
Amidst escalating tensions with Russia, the United States has once again extended a vital lifeline to Ukraine in the for... Read more