New Delhi: Regulator Irdai Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect.
The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC.
“The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
“SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect,” Irdai said in its order.
In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.
PTI