Irda directs ICICI Prudential Life to takeover Sahara Life

ET Bureau|

Updated: Jul 28, 2017, 09.32 PM IST

Last month, IRDA had written to six insurance cos including ICICI Prudential Life, SBI Life, Bajaj Allianz Life, HDFC Life and Kotak Life to take over policyholders assets and liabilities of Sahara Life.

MUMBAI: The Insurance Regulatory and Development Authority has directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of Sahara India Life Insurance from 31st July 2017.

“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,” Irda said in a notice.

Irda had asked Sahara life to stop issuing policies on June 23. Insurance regulator had raised concerns over the management of Sahara India Life Insurance Co, a wholly-owned subsidiary of Subrata Roy-led Sahara Group. Earlier this week, Subrata Roy met with Irda chairman in a bid to keep the company’s license.

Last month, insurance regulator had written to six insurance companies including ICICI Prudential Life, SBI Life, Bajaj Allianz Life, HDFC Life and Kotak Life to take over policyholders assets and liabilities of Sahara Life.

ICICI Prudential Life has expressed its interest to take over the policyholders’ assets and liabilities of Sahara Life.

The last reported policyholders liability of Sahara Life is Rs 9 billion, which is less than 1% of our balance sheet, ICICI Prudential Life had said in a statement recently.