The Insurance Regulatory and Development Authority of India, IRDAI, has announced taking over the management of the Sahara India Life Insurance Company.
Insurance regulator, IRDAI in an order issued in New Delhi yesterday said that Subrata Roy run insurer was “acting in a manner” prejudicial to interest of subscribers.
IRDAI appointed one of its general managers, R K Sharma, as administrator to manage the affairs of the insurer with “immediate effect”.
The regulator said it has “reasons” to believe that Sahara India Life Insurance Company “is acting in a manner likely to be prejudicial to the interest of holders of life insurance policies”.
IRDAI further said it will be the endeavour of the administrator to ensure the servicing of the policy holders and managing the affairs of the insurer in a smooth manner as far as feasible.