The Insurance Regulatory and Development Authority of India (IRDAI) has appointed one of its officials as administrator for managing the affairs of Sahara India Life Insurance Company Ltd. with immediate effect.
Announcing the appointment of R.K. Sharma, general manager (F&A-NL), the regulator said the administrator shall “conduct management of the business of the insurer as per applicable provisions under the Insurance Act, 1938.”
The regulator has directed the administrator to file a report on the most advantageous course of action in the interest of the holders of life insurance policies, as soon as may be possible.
IRDAI has reasons to believe that Sahara India Life “is acting in a manner [that is] likely to be prejudicial to the interests of holders of life insurance policies,” it said in a statement.
The regulator reassured policyholders that the affairs of the insurer would be managed by the administrator to ensure the continued servicing of their policies and to manage the firm’s affairs in as smooth a manner as feasible.A FAQ has also been posted on www.irda.gov.in and the insurers may forward queries/concerns to administrator-sahara@irda.gov.in, the release said.