PRESS NOTE
SAHARA LIFE
INSURANCE SUCCEEDS AGAINST IRDA ORDER
SAT QUASHED IRDA
ORDER TRANSFERING BUSINESS
In a significant
judgement, Securities Appellate Tribunal, (SAT), today, quashed the order dated
July 28, 2017 passed by Insurance Regulatory Development Authority transferring
the Life Insurance business of Sahara Life Insurance to an outside insurer,
namely – ICICI Prudential Life Insurance Co. Ltd.
SAT while allowing
Sahara's appeal, expressed serious concern over the manner Insurance Authority
acted in the matter against Sahara Life and considered the said action of
Insurance Authority highly fatal and irregular so as to vitiate the very
appointment of the Administrator and all his further actions, in the facts and
circumstances of the case. SAT opined that the report of the Administrator
should...