Administrator appointed for Sahara India Life Insurance
Written by : IANS | Tue, Jun 13, 2017, 12:10 PM
Chennai, June 13: In the first order of its kind order, India's insurance regulator on Monday appointed an administrator to manage the affairs of private life insurer Sahara India Life Insurance Company Ltd.
As per the order issued by the Insurance Regulatory and Development Authority of India's Chairman T.S. Vijayan, R.K.Sharma, a General Manager in the IRDAI has been appointed as Administrator for Sahara India Life Insurance with immediate effect.
The IRDAI said it exercised the power under Section 52A of the Insurance Act.
The current board of Sahara India Life is headed by Chairman OP Srivastava. Sanjay Agarwal is the whole-time director and CEO.
In a public notice addressing the policyholders of the company, the regulator said: “It will be the endeavor of the administrator to ensure the servicing of the policy-holders and to manage the affairs of the insurer in as smooth a manner as feasible.”