Securities Appellate Tribunal (SAT) today put off the hearing on a case filed by SBI Life against insurance regulator Irdai, challenging the Rs 275-crore refund order, to December 4.
The hearing was deferred to December 4 after the Irdai counsel sought more time from the SAT, as per an SBI Life official.
The case relates to a Rs 275-crore refund order that the insurance regulator had passed against SBI Life. Irda had asked SBI Life to refund this policy amount to all policyholders citing irregularities in the way the Dhanraksha Plus policy was sold.
The SBI Life case against Irda is the first of its kind from the insurance sector to reach the SAT, which has so far been hearing appeals against the capital market regulator Sebi only.
SBI Life is also fighting another case against Irda at the Department of Financial Services against a regulatory order that asked it to refund the entire Rs 84 crore it had collected from its policyholders under the Super Suraksha scheme.
The insurer is yet to hear anything from the department on the issue, sources said.
