SAT to hear Sahara Life vs IRDAI case on Aug 10

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Chennai, Aug 7 (IANS) The Securities Appellate Tribunal (SAT) on Monday decided to continue hearing on August 10 the Sahara India Life Insurance Company Ltd’s petition against insurance regulator’s July 28 order, said the regulator’s counsel.

“The hearing will continue on August 10. The hearing started today (Monday),” Somasekhar Sundaresan, counsel for Insurance Regulatory and Development Authority of India (IRDAI), told IANS over phone from Mumbai.

On July 28, IRDAI ordered transfer of Sahara India Life’s business portfolio to ICICI Prudential Life Insurance effective from July 31.

Last month, IRDAI had appointed its own official as an administrator of Sahara India Life. The administrator had initially ordered Sahara India Life to stop accepting new business.

The IRDAI ordered transfer of Sahara India Life’s insurance business to ICICI Prudential Life based on the administrator’s report.

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Affected by IRDAI’s order, Sahara India Life approached the SAT on July 31. The SAT ordered maintenance of status quo on July 31 and posted the matter for hearing on August 7.

–IANS

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