IRDAI: The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has decided to transfer the life insurance business of Sahara India Life Insurance Co (SILIC) to SBI Life Insurance Company Ltd (SBI Life).
What happened?
Sahara India Life Insurance Co. Ltd (SILIC) was granted a Certificate of Registration in 2004 to transact the business of life insurance. However, due to issues on the financial propriety and governance aspects of the insurer, IRDAI had appointed an administrator to manage the business of the insurer in 2017.
Business handover to SBI
SBI Life will take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect, said the insurance regulator.
To ensure a seamless transition for all policyholders of Sahara India Life Insurance Co (SILIC), IRDAI has announced that it has taken necessary measures. A committee, consisting of a Member (Actuary), Member (Life), and Member (Finance and Insurance), has been established to implement the order within a specified timeframe.
SBI Life has received directives to proactively engage with SILIC policyholders regarding policy servicing. They are required to establish a dedicated cell to address any queries from SILIC policyholders and provide essential information on their website.
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