ICICI Prudential Life Insurance Company Ltd will take over Sahara India Life Insurance Company Ltd with effect from July 31, 2017.
The Insurance Regulatory and Development Authority (IRDAI) on Friday issued an order in accordance with Section 52 B (2) of the Insurance Act, 1938 to this effect.
In a first of its kind development in the insurance sector, IRDAI had taken over the administration of Sahara India Life Insurance on June 12, 2017, and appointed R.K. Sharma, General Manager, IRDAI, as administrator to manage the affairs of the insurer.
The industry is of the opinion that IRDAI had managed the situation with no damage to existing policyholders. When asked about the impact of the development, the CEO of a private life insurer said, any insurer, including ICICI Pru, will stand to gain from the distribution network of Sahara.