IRDAI ends Sahara India Life administrator role after SBI Life transfer

It matters to citizens because it confirms that the company's management has been restored to the insurer itself following the transfer of its business to SBI Life.

Who it concerns: Sahara India Life Insurance Company Limited, Shri R.K. Sharma (former Administrator), SBI Life Insurance Company Limited, and policyholders of the transferred insurance business.

What the regulator ordered

• The order appointing Shri R.K. Sharma as Administrator (dated 12 June 2017) is cancelled effective 17 August 2026.
• Shri R.K. Sharma shall cease to exercise the powers and perform the functions of the Administrator.
• The management and affairs of the insurer, including control and supervision of shareholders' investments, are vested in the insurer with effect from 17 August 2026.
• The cancellation is based on the completion of the transfer of the life insurance business to SBI Life Insurance Company Limited and the fulfillment of the Administrator's purpose.
• The order does not affect the validity of any acts, decisions, or directions taken by the Administrator during his tenure.
• The order does not prejudice any ongoing or proposed investigations, inspections, or legal proceedings by the Authority or other competent authorities.

Also in the document

• The life insurance business, assets, and liabilities of Sahara India Life Insurance Company Limited were previously transferred to SBI Life Insurance Company Limited via an order dated 2 June 2023.
• All policyholder servicing and obligations under the transferred business are currently being discharged by SBI Life Insurance Company Limited.
• The IRDAI determined that no insurance business remains requiring management or administration by the Administrator.