SBI life insurance company has been instructed by the Indian Insurance Regulatory and development authority (IRDAI) to absorve liabilities of Rs 200,000 policies and the assets of Sahara India Life Insurance(SILIC) due to SILIC's falling financial health.
The three member committee has been made to implement the order.SBI life has already begun complying with the order, however, proper integration of policies will take some time, according to a company's spokesperson.
SILIC was appointed an administrator by IRDAI in 2017 due to issues due to the financial propriety and governance and it has failed to match regulatory requirements.
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