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With immediate effect, SBI Life will take over the policy liabilities of around two lakh Sahara India Life Insurance policies, backed by the policyholders’ assets
The Insurance Regulatory and Development Authority of India (IRDAI) announced on Friday that it has agreed to transfer Sahara India Life Insurance Co (SILIC)’s life insurance business to SBI Life Insurance Company (SBI Life).
SBI Life will take over the policy liabilities of about two lakh SILIC policies, backed by the assets of the policyholders, with immediate effect, according to the insurance regulator.
The IRDAI stated that it had taken the required procedures to facilitate a smooth transition for all SILIC subscribers.
A committee comprised of Member (Actuary), Member (Life) and Member (F&I) has been formed to ensure that the Order is implemented in a timely way.
SBI Life has been directed to take appropriate actions to reach out to SILIC policyholders regarding policy servicing, including establishing a dedicated cell to resolve SILIC policyholders’ inquiries and publishing required facts on their website.
In 2004, SILIC was granted a Certificate of Registration to conduct a life insurance business. However, due to difficulties with the insurer’s financial propriety and governance, IRDAI appointed an administrator to run the insurer’s activities in 2017.
