After the problems of the Sahara group, the market regulator Sebi, insurance regulator Irda has also seen an eye on the insurance company’s insurance company. IRDA has appointed an Administrator for managing the Sahara India Life Insurance Company, saying that Subrata Rai’s insurance company is acting against the interests of the customers. Being an administrator means that he has got control over the management of the company.
The Indian Insurance Regulatory and Development Authority (IRDA) has issued an order in this regard. In this, IRDA has appointed one of his own GM RK Sharma as an administrator with immediate effect. In the order, the regulator has said that there is a reason to believe that Sahara India Life Insurance Company is doing such work, which is likely to affect the interest of policyholders. During the April-May period of the current financial year, the insurance company has sold 665 policies worth Rs 1.55 crore. The company raised premium of Rs 44.68 crore from 16,058 customers in 2016-17.
The order signed by IRDA chairman TS Vijayan says that the administrator will work according to the applicable provisions. In order to manage cases of Sahara Life Insurance Company, the regulator has asked the insurance company directors, management and staff to give full support to the administrator. The regulator said that the administrator will make every effort to ensure the insurer’s affairs in an easy manner to ensure the right service to the policyholders.
Regulators in the respective FAQ (Frequently Asked Questions) said that the requests of all the policyholders for the settlement of claims will be processed in 30 days as per the policy-related rules and conditions. Explain that there is a dispute between the capital market regulator SEBI and the Sahara Group in the Supreme Court. It is related to the money collected by investors from the two companies of the group. The Supreme Court’s stamp has also been sealed on the orders of SEBI to withdraw this amount of about Rs 24 thousand crores.