Friday, November 17, 2017

ICICI Pru in final stages of Sahara India Life takeover

ICICI Prudential is in the final rounds of discussions with the Insurance Regulatory and Development Authority of India (Irdai) for the takeover of Sahara India Life Insurance.

ICICI Prudential and Irdai are now reportedly discussing valuations, according to a senior Irdai official quoted in press reports.

The official added that a final sign-off on the takeover is expected after the appointed actuary for ICICI Prudential ends its discussions with the insurance regulator.

It was on June 12, 2017 when Irdai had taken over the administration of Sahara India Life Insurance, a first of its kind in India’s insurance sector.

With the government takeover, RK Sharma was appointed as administrator to manage the affairs of the insurer.

Irdai has taken over the management of Sahara India Life Insurance after the latter allegedly operated in a way that was prejudicial to the interests of its customers.

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