IRDAI vide a press release dated June 02, 2023 has stated that the Certificate of Registration of Sahara India Life Insurance Co Ltd (SILIC) that was given in 2004 shall be transferred to SBI Life Insurance Company Limited (SBI Life). IRDAI had identified certain serious issues relating to financial property and governance aspects of SILIC.
SILIC had failed to protect the interest of the policyholders and after analysing the policy data IRDAI had found out that it portrayed a ‘run-off trend’ which showcases that losses were increasing and there were higher percentage of claims than total premium.
IRDAI in its meeting dated June 02, 2023 has decided that action was warranted in order to protect the interest of policyholders and thereby exercised its powers and identified SBI Life as an acquirer of life insurance business of SILIC, which is mentioned in its order dated June 02, 2023. IRDAI has taken necessary steps to ensure transition of the policyholders to SBI Life and will monitor the same as required.
For more details, please refer to the attached copy of the press release.
Source category: IRDAI
Attachments
- /2023/209_Press_Release_-_Transfer_of_Life_Insurance_Business_of_Sahara_India_Life_Insu.pdf
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