ICICI Prudential Life Insurance to take over business of Sahara India Life Insurance Co.
DSIJ Intelligence / 29 Jul 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of Sahara India Life Insurance Company (SILIC) with effect from July 31, 2017.
The Insurance Regulatory and Development Authority of India (IRDAI) has directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of Sahara India Life Insurance Company (SILIC) with effect from July 31, 2017.
In terms of Section 52 B (3) of the Insurance Act, 1938, 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 Company.
Sahara Group has been facing financial problems ever since its chief Subrata Roy was arrested in 2014 in a case of non-refund of almost Rs 20,000 crore to investors. Sahara Mutual Fund’s license was cancelled by Securities and Exchange Board of India (SEBI) in 2015.