SBI Life Insurance Company has been named as the acquirer-insurer of the business of the troubled Sahara India Life Insurance Co. (SILIC) by the Insurance Regulatory and Development Authority of India (IRDAI). As of right now, SBI Life will assume the policy liabilities of around two lakh SILIC policies that are supported by the policyholders' assets. The Sahara Group business had appealed the verdict before the Securities Appellate Tribunal because it was necessary to take the action in order to preserve the interests of SILIC policyholders.
In 2017, IRDAI stated that "certain serious issues on the financial propriety and governance aspects' ' were the driving force behind the action. The regulator has established a committee to carry out the directive in a timely manner, and SBI Life has been instructed to take the necessary steps to get in touch with SILIC policyholders, establish a special cell to handle their inquiries, and post information on its website.
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