IRDA challenges SAT decision in Sahara Life case in Supreme Court
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Solicitor General Tushar Mehta, appearing for IRDA, said that the financial condition of Sahara India Life Insurance Company (SILIC) was not sound and it had failed to comply with the orders of the regulator. This is the reason that IRDA had ordered the transfer of its assets and liabilities to SBI Life. Confusion has arisen due to the stay of the IRDA order. The confusion is about to whom the policyholders will pay the premium and who will pay for the matured policies.
when will be the hearing
But the court said that the matter of monitoring claims can wait. It may be taken up for hearing after the normal functioning of the court after the summer vacation. IRDA’s appeal will be heard on July 3. The insurance regulator, in its order dated June 2, had said that Sahara Life had failed to take any steps to safeguard the interests of the policyholders. IRDA had said that for this the company was given several opportunities and sufficient time. Sahara Life was given an insurance license in February 2004. The company claims that it is taking all possible steps to safeguard the interests of its policyholders.
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