SAT upholds IRDAI order transferring Sahara India Life ops to SBI Life
This story was originally published at 22:11 IST on 10 December 2025
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--SBI Life: SAT upholds IRDAI order transferring Sahara India Life ops to co
MUMBAI – The Securities Appellate Tribunal Friday dismissed Sahara India Life Insurance Co. Ltd.'s appeal and upheld the Insurance Regulatory and Development Authority of India's June 2023 order to transfer all the defunct insurer's policyholder-related assets and liabilities to SBI Life Insurance Co. Ltd., the latter informed the exchanges Wednesday.
In 2017, due to certain serious issues on the financial propriety and governance aspects of Sahara India Life, IRDAI had appointed an administrator to manage the business of the insurer. The company was also not allowed to underwrite new business. Thereafter, further directions were issued to the insurer to meet the regulatory requirements.
Sahara India Life failed to comply with these directions or take any affirmative steps to protect the interest of policyholders, IRDAI had said. In its June 2023 order, the regulator said SBI Life shall take over the policy liabilities of around 200,000 policies of Sahara India Life, which are backed by the policyholders' assets with immediate effect.
In July 2017, IRDAI had issued similar kind of order of take over Sahara India Life's business by ICICI Prudential Life Insurance Co. Ltd. with effect from Jul. 31, 2017. However, the Securities Appellate Tribunal in January 2018 had set aside the order by the insurance regulator.
On Wednesday, shares of SBI Life closed 0.4% higher at INR 2,014.50 on the National Stock Exchange. The company had posted a net profit of INR 4.95 billion for the quarter ended September, down almost 7% on year. End
Reported by Aaryan Khanna
Edited by Ashish Shirke
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