IRDAI moves Supreme Court against SAT's order in Sahara-SBI case

The Insurance and Regulatory Development Authority of India(IRDAI) moved the Supreme Court on Monday challenging Securities Appellate Tribunal(SAT)'s order staying IRDAI's ruling directing Sahara India Life Insurance Company to transfer its business to SBI Life Insurance Company. 

SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI. 

The matter was mentioned before the vacation bench of Justice Surya Kant by Solicitor General Tushar Mehta, appearing for the Insurance Regulator, seeking urgent hearing. The SG said SAT stay may impact Sahara policyholders. 

The matter will likely be heard on July 3. 

The Insurance Regulator said in its ruling directing Sahara to transfer its assets was taken because of Sahara's 'rapidly deteriorating financial position'  and so the regulator saw it fit to order it to transfer its assets to a financially fit business.