M&A

M&A

IRDA orders SBI Life to acquire Sahara India's Life Insurance biz

Mint  

The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has decided to transfer the life insurance business of Sahara India Life Insurance Co (SILIC) to SBI Life Insurance Company Ltd (SBI Life). SBI Life will take over the liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect. SILIC was granted a Certificate of Registration in 2004 to transact life insurance business. However, due to issues on the financial propriety and governance aspects of the insurer, IRDAI appointed an administrator to manage the business in 2017.