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Sahara India Life officials to meet insurance regulator

Posted on Mar 07 2014 | IANS

Chennai, March 7 : India's insurance regulator has informally called a meeting of senior officials of Sahara India Life Insurance Company for discussions, said an official Friday.

"We have informally called the senior officials of Sahara India Life Insurance for discussions next week. This is basically to know the group's state of affairs and the likely impact on the insurance company on the happenings in the group," an official in Insurance Regulatory and Development Authority (IRDA) told IANS preferring anonymity.

He was referring to the arrest of Sahara Group chief Subrata Roy on orders of the Supreme Court.

He said there is no need to worry now as the company has been maintaining the necessary solvency numbers.

"Moreover the business done by the life insurer is also not very huge to create a concern," the official added.

Speaking to IANS, Sahara Life's whole-time director and CEO Sanjay Agarwal said: "There will not be any impact on the life insurance company because of the issues the group companies have with the SEBI (Securities and Exchange Board of India)."

He added even the whole group would not be affected due to the issues faced by group companies with SEBI.

Queried about the proposed meeting with IRDA, Agarwal said he is not aware of any such meeting.

According to the official in IRDA, no formal communication has been sent to Sahara India Life but the meeting was called informally.

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