 "Subroto Roy")
The Insurance Regulatory and Development Authority of India (Irdai) appointed an administrator to oversee the operations of Sahara Life Insurance with immediate effect on Monday.
The decision, a first in the insurance industry, was taken after the regulator came to the conclusion that the insurer was acting in a manner “likely to be prejudicial to the interests of the holders of life insurance policies”. The action was taken under Section 52 A of the Insurance Act, the insurance regulator’s order said.
R K Sharma, general manager, Irdai, was appointed the administrator to look after the business of Sahara Life Insurance Company.
The decision
