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Existing policy holders of Sahara India Life Insurance can continue to pay their renewal premium and get due service from the company. In an order, the Insurance Regulatory and Development Authority of India (IRDA) has directed the insurer to continue collection and accounting of the renewal premium and service existing business and policyholders without any interruption.
However, the insurer is not allowed to procure or collect proposal deposits and underwrite new business, with immediate effect (close of business on June 23). The company should duly inform agents and other distribution channels about the same, it said. On June 12, the insurance regulator had taken over the administration of Sahara India Life Insurance, a first-of-its-kind move in the sector. It has named RK Sharma, General Manager, IRDA, as administrator, to manage the affairs of the insurer.
Lucknow-based Sahara India Life Insurance is promoted by the Sahara Pariwar Group headed by Subrata Roy.
In the long-running SEBI-Sahara case, the Supreme Court in August 2012 had ordered the group to deposit over ₹24,000 crore, collected from nearly 3 crore investors, through issuance of bonds, with the regulator .
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