SAT stays Irdai's order on Sahara Life Insurance

Mumbai: The Securities Appellate Tribunal (SAT) Tuesday granted a stay on the order issued by the Insurance Regulatory and Development Authority of India (Irdai) regarding Sahara India Life Insurance's transfer of business to SBI Life Insurance.

"The appellate court questioned the high-handed actions of the insurance regulator as well as agreed with Sahara Life's contentions that prima facile principles of natural justice weren't adhered to," a Sahara spokesperson said.

The matter, along with another appeal, will be further considered and argued on August 3, 2023. JP Sen, Senior Advocate, represented Sahara Life in the proceedings, the spokesperson said.


On June 2, the insurance regulator had directed SBI Life Insurance to take over the liabilities of around 200,000 policies along with assets of Sahara India Life Insurance with immediate effect. Irdai had taken the decision in view of deteriorating financial health of Sahara Life.