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.
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Updated: 02 Jun 2023, 07:42 PM IST