 "irdai, IRDAI")
After appointing an administrator to oversee Sahara India Life Insurance’s business, the Insurance Regulatory and Development Authority of India (Irdai) through a circular has directed the life insurance company to stop underwriting new business with immediate effect.
Under Section 52 (B) 2 of the Insurance Act 1938, the regulator has asked the company not to procure / collect proposal deposits / underwrite new business with immediate effect. Moreover, the company has been asked to inform all its agents and intermediaries of the decision so that they do not accept proposal deposits towards new insurance business.
However, Irdai has allowed the
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