Sahara India Life Insurance Company has been in the news for some time since the insurance regulator expressed strong concerns related to the company management and governance. In an attempt to protect the interests of insurance policyholders, the IRDAI appointed an administrator to run the crippled Sahara Life.
Earlier, the regulator had identified 6 potential insurance companies to take over the business of Sahara India Life Insurance of which ICICI prudential expressed interest to evaluate taking over policyholders’ liabilities and assets of Sahara Life.
Yesterday, Sahara Group chairman Subrata Roy met IRDAI chairman, T.S. Vijayan to seek some more time to turnaround and resolve the crisis at his life insurance arm. An official of the regulator told PTI, "Roy today met the IRDAI chairman Vijayan and explained the position about Sahara Life, requesting the IRDAI to grant them some more time to complete the governance norms".
IRDAI member, Nilesh Sathe said, "In the interest of policyholders, the assets and liability of policyholders of Sahara Life will be transferred to ICICI Prudential Life shortly". "If all goes well, ICICI Pru may take over Sahara Life shortly," he added.
Sahara Life Insurance is a part of Sahara Group, which has been struggling ever since the Supreme Court sent its founder Subrata Roy to jail in 2014 over the conglomerate’s failure to comply with its orders to repay investors Rs 36,000 crore raised from millions of small investors in a bond selling scheme.