India's insurance sector regulator, IRDAI on Friday barred private insurer Sahara India Life Insurance Company Ltd from accepting new life insurance policies.
However the Insurance Regulatory and Development Authority of India (IRDAI) directed the company to collect the renewal premium of existing policies and continue servicing the policyholders.
The IRDAI has exercised this action under Section 52 B (2) of the Insurance Act.
The order was issued by IRDAI Chairman T.S.Vijayan.
The private life insurer has to host the IRDAI's order on its website and the operational portion of the order in a conspicuous place in all its branches and offices of its corporate agents and other intermediaries.
The regulator on June 12, in a first order of its kind, appointed an administrator to manage the affairs of Sahara India Life Insurance.
The IRDAI had appointed its General Manager R.K.Sharma as the Administrator.
--IANS
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