India News | Insurance Regulator Asks SBI Life to Take over Policy Liabilities, Assets of Sahara India Life Insurance

New Delhi, Jun 2 (PTI) Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect.

The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC.

Also Read | Thane Shocker: Woman's Headless Body Found Stuffed in Suitcase on Beach in Uttan Area of Mira-Bhayandar.

"The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.

"SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," Irdai said in its order.

Also Read | GST Evasion Racket Busted in Noida; Eight Members of Inter-State Organised Gang Arrested.

In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)