The Insurance Regulatory and Development Authority of India (IRDAI) has taken over the administration of Sahara India Life Insurance, a first of its kind move in the insurance sector.
It has named RK Sharma, General Manager, IRDAI, as administrator to manage the affairs of the insurer.
“The IRDAI has reasons to believe that Sahara India Life Insurance Co is acting in a manner likely to be prejudicial to the interests of holders of life insurance policies,” TS Vijayan, Chairman, IRDAI, said in an order issued here on Monday.
