Dear friends, it's Sumant here. Just IRDAI has taken over management of Sahara Life Insurance and appointed administrator
On June 12, 2017 19: 40 In a first of its kind in insurance industry, the Insurance Regulatory and Development Authority ( IRDAI) has taken over management of Sahara India Life Insurance Company Ltd.
R K Sharma, General Manager ( F& A-NL) , IRDAI as Administrator to manage the affairs of the administration
`The IRDAI has reasons to believe that Sahara India Life Insurance Co. Ltd is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies.’’ T S Vijayan, Chairman, IRDAI said in order issued here on Monday.
The administrator will act as per powers and duties as per the applicable provisions under the Insurance Act, 1938 and manage the business with the greatest economy compatible with efficiency and regular reporting to the regulator, he said.
He will also file a report to the authority as regards the insurer stating the most advantageous course of action in the general interest of the holders of life insurance policies as per section 52B of the Insurance Act, 1938 as soon as may be possible.
From a long time we were into a dilemma about what will happen if a private insurance company goes insolvent. This is a burning example the the vested interest of a common man are intact. All responsibility is taken by IRDAI which is a statutory regulatory wing of Government of India. Hope we all will be sharing this across all platforms for interest of a common man.
