Guwahati, Aug 1: Securities Appellate Tribul, “SAT” has condemned and raised serious objection against the order passed by Insurance Regulatory Development Authority of India, “IRDAI” directing transfer of business of Sahara Life to ICCI Prudential and granted status quo until it completes the hearing on Monday, August 7, 2017, that means the order passed by IRDAI has been stopped to be implemented until further orders. IRDAI had also directed ICICI Prudential to take over the business of Sahara life. Sahara challenged the action of IRDAI stating that its business was continuously in profit and the company has been in absolute and strict compliance of all regulatory norms /directions issued by IRDAI and that there has not been even a single case of any complaint of non-payment of any claim to any policy holder. However, it was unfortute that IRDAI has stopped Sahara Life from selling new life insurance policies IRDAI had not even framed any scheme to safeguard the interest of policy holders. As such the SAT has criticized/condemned seriously and vehemently and passed the aforesaid order of status quo. Sahara life is doing business since 2004 and since last 7 years running continuously in profit and has been in absolute and strict compliance of all regulatory norms / direction issued by IRDAI. This was stated in a press release.
SAT condemns IRDAI's order directing transfer of Sahara business to ICCI Prudential