The Securities Appellate Tribunal (SAT) has stayed the order by the IRDAI, transferring the business of Sahara India Life Insurance (SILICL) to SBI Life. This is the second time that the appellate body has stymied the regulator’s move to transfer Sahara’s business to another insurer.
In its order, the tribunal noted that IRDAI’s earlier order that Sahara Life was no longer a ‘fit and proper’ promoter has been challenged by the appellant in the SAT.
“Considering the aforesaid and the fact that the earlier direction of the respondent in transferring the business to ICICI Prudential Life Insurance was set aside in 2018, and since then, no steps have been taken to transfer the policies, we find it strange that such steps have been taken after a gap of five years and that too without granting an opportunity of hearing,” the tribunal said in its order.
