The Securities Appellate Tribunal (SAT) has adjourned an appeal against the IRDAI in a hearing between SBI Life and the Insurance Regulatory and Development Authority of India (IRDAI).
The case relates to a Rs.275 crore refund order the insurance regulatory passed against the life insurer. It had asked SBI Life to refund this policy amount to all policy holders who had purchased it in the past on grounds of irregularities in the way it was sold to customers. The case has been adjourned till September 2.
