The Insurance Regulatory and Development Authority of India (IRDAI) has taken over the administration of Sahara India Life Insurance, a first of its kind move in the insurance sector. The administrator will act as per the powers and duties and applicable provisions. R.K. Sharma, general manager, IRDA has been appointed as the administrator with “immediate effect” to manage Sahara India Life Insurance Company.
The administrator will act as per the powers and duties and applicable provisions under the Insurance Act, 1938 and manage the business with the greatest economy, compatible with efficiency and regular reporting to the regulator, the order states. The current board of Sahara India Life is headed by Chairman OP Srivastava. Sanjay Agarwal is whole-time director and CEO.
Takeaways from Above News-
- Lucknow-based Sahara India Life Insurance was the first wholly Indian owned life insurance company in the private sector.
- It is promoted by Sahara Pariwar Group headed by Subrata Roy.
Source- The Hindu