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31
July 2017
The
Sahara group on Sunday said it would approach the court against insurance
regulator's order of transferring life insurance policies of Sahara India Life
Insurance Company Ltd to ICICI Prudential Life Insurance Company Ltd. The Total Investment & Insurance
Solutions
In a
statement, the group said: "Sahara will pursue its remedy, against such
approach of IRDAI, in the court of law." The Total Investment & Insurance Solutions
"IRDAI
(Insurance Regulatory and Development Authority of India) appointed
administrator for the reason best known to them and the said administrator
secretly submitted a report to the IRDAI for transferring the business of
Sahara Life to any other entity.
"Even
any copy of the administrator's report was neither provided to Sahara Life, nor
was it granted any opportunity of hearing on such report or before passing the
order of transfer of business to any third entity. The company has never acted
in any manner prejudicial to the interest of the policy holders," the
statement said. The Total Investment
& Insurance Solutions
Referring
to IRDAI's charge of Rs 78 crore being siphoned out of Sahara India Life, the
statement said: "In fact this amount was kept as security deposit to one
entity - Sahara India - who has provided furnished, computerised office
accommodation in around 150 places."
According
to the Sahara group, this arrangement is very beneficial for Sahara India Life
while IRDAI concluded in such unwise manner. The Total Investment & Insurance Solutions
"This
security deposit amount is absolutely repayable to Sahara Life," the
statement said.
The
group said Sahara India Life has been doing business since 2004 and since last
seven years running continuously in profit and has been in absolute and strict
compliance of all regulatory norms/directions issued by IRDAI. The Total Investment & Insurance
Solutions
The
statement said the life insurer's asset is more than its liability and there
was not a single complaint of non-payment by any policy holder.The Total Investment & Insurance
Solutions
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