Friday, November 17, 2017

Sahara Life to take regulator’s order to court

India’s insurance regulator has ordered Sahara group to transfer its life insurance business to ICICI Prudential, but the firm is resisting following the order, at least for now.

The embattled insurer said it will seek court intervention on the order of the Insurance Regulatory and Development Authority of India (IRDAI) dated 28 July.

The group is now claiming that its Sahara Life business is being wrongfully given to ICICI Prudential Life Insurance.

In a statement, it said that Sahara Life has been in operation since 2004.

It added that over the past seven years, it has been continuously operating in profit and strictly complied with all regulatory requirements issued by the regulator.

Sahara also said that Sahara Life’s assets exceed its liabilities, adding the insurer has not received a single complaint for non-payment from any policyholder.

IRDAI earlier said there is total failure of governance at Sahara India Life that puts the interests of policyholders at risk.

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