Irdai’s Order on Sahara Life Insurance is stayed by SAT

The Securities Appellate Tribunal (SAT) on Tuesday granted a stay on the Insurance Regulatory and Development Authority of India’s (IRDAI) ruling on transferring the business of Sahara India Life Insurance to SBI Life Insurance.

According to the spokeswoman, JP Sen, Senior Advocate, represented Sahara Life in the proceedings. The matter will be further considered and contested on August 3rd, 2023.

The insurance regulator directed SBI Life Insurance on June 2 to take over the obligations of around 200,000 policies, as well as the assets of Sahara India Life Insurance, with immediate effect. IRDAI made the decision due to Sahara Life’s worsening financial situation.