The Security Appellate Tribunal (SAT) has stayed the insurance regulator's decision to transfer policy liabilities of Sahara India Life Insurance Co Ltd (SILIC) to SBI Life.
The appellate Authority said that five years since the Insurance Regulatory and Development Authority of India’s decision to transfer policies of Sahara Life to ICICI Prudential Life was set aside, no steps were taken by the insurance regulator to transfer the policies and a decision taken to select SBI Life was taken without granting a hearing to Sahara Life.
