he Securities Appellate Tribunal (SAT) on Thursday upheld the appointment of an administrator for Sahara Life Insurance by the IRDAI and a ban on new business in the segment.
But it asked the Insurance Regulatory and Development Authority of India (IRDAI) to give a fresh hearing to Sahara with regard to the transfer of business to ICICI Prudential Life Insurance and pass an order in three months.
“We are studying the order and will decide the next course of action. The Tribunal has upheld the control over the business in the hands of the administrator but has said we must give another hearing.
“A view will be taken on the larger policy issues since for the IRDAI this is not just a situation in one case but a stand that will have implications in all future cases,” said Somasekhar Sundaresan, counsel, IRDAI.