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Sahara Insurance Business to be Taken Over by ICICI Prudential Life Insurance
July 31, 2017
India’s top private sector life insurer ICICI Prudential Life Insurance (IPRU) has been asked by Insurance Regulatory and Development Authority of India (IRDAI) to take over the business of Sahara Indian Life Insurance (SILIC) from July 31 onwards.
It’s worth noting that while Subrata Roy, chairman of Sahara group, met with IRDAI chairman seeking more time to resolve the problems bringing down its insurance wing, ICICI Prudential submitted a valuation report on the same day to take over the company. Apparently, IRDAI decided that it’s best to hand over the business to ICICI.
