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Title: ORDER
Reference No.: IRDA/F&A/ORD/FA/148/06/2017
Date: 23/06/2017
In terms of Section 52 B (2) of the Insurance Act, 1938 to M/s Sahara India
Reference is drawn to the IRDAI Order IRDAI / F&A / ORD / FA /134 / 06 / 2017 dated 12th June 2017 appointing an Administrator for managing the affairs of M/s Sahara India Life Insurance Co. Ltd., under Section 52 A (1) of the Insurance Act, 1938.
2. Now, in terms of Section 52 B (2) of the Insurance Act, 1938, the IRDAI hereby, directs M/s Sahara India Life Insurance Co. Ltd., not to procure/collect proposal deposits /underwrite new business, with immediate effect, i.e., close of business on 23rd June 2017.
3. M/s Sahara India Life Insurance Co. Ltd., shall inform all concerned agents/ intermediaries of the above direction and ensure that they do not procure /collect proposal deposits towards new insurance business immediately on receipt of this Order. M/s Sahara India Life Insurance Co. Ltd., is however, directed to
i. Continue to collect and account for the Renewal Premium; and
ii. Service the existing business and policyholders, unhindered.
4. In terms of section 52 B (3) of the Insurance Act, 1938, this Order is binding on all persons concerned, and shall have effect notwithstanding anything in the memorandum or articles of association of M/s Sahara India Life Insurance Co. Ltd.
5. M/s Sahara India Life Insurance Co. Ltd., shall arrange to host this Order on their website prominently and also arrange to paste a copy of the operative portion of this Order in a conspicuous place at each of its branches and offices and the offices of its corporate agents and any other Intermediaries immediately.
Chairman
