In a first order of its kind order, India's insurance regulator on Monday appointed an administrator to manage the affairs of private life insurer Sahara India Life Insurance Company Ltd.
As per the order issued by the Insurance Regulatory and Development Authority of India's Chairman T.S. Vijayan, R.K.Sharma, a General Manager in the IRDAI has been appointed as Administrator for Sahara India Life Insurance with immediate effect.
The IRDAI said it exercised the power under Section 52A of the Insurance Act.
--IANS
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