The life insurance business of Sahara India is set to be transferred to SBI Life. This move has been approved by the Insurance Regulatory and Development Authority of India (IRDAI) according to its latest press release. The transfer of Sahara India’s policies to SBI Life is expected to benefit customers, as they will have access to a wider range of products and services.
IRDAI in its press release has sighted that Sahara India’s life insurance company (SILIC) was acting in a detrimental manner to the interests of its policy holder and the move is seen as a positive move for the customers of the aforementioned company. In transferring the policies from SILIC to SBI Life, IRDAI has invoked section 52A of the Insurance Act. SBI Life has been looking to expand its reach in the Indian insurance market, and this acquisition will help it achieve that goal.
The IRDAI has also set certain conditions for the transfer of Sahara India’s life insurance business. The regulator has stated that the transfer should be done in a way that does not impact the policyholders’ interests. Additionally, the transfer should be done in compliance with all applicable regulations. SBI Life will also have to ensure that all policyholder benefits and obligations are met after the transfer.
Read the detailed press release from IRDAI below for more details:
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