IRDAI, under Section 52D of the Insurance Act, 1938, has cancelled the 12 June 2017 order appointing Shri R.K. Sharma as Administrator of Sahara India Life Insurance Company Limited, effective 17 August 2026. The Administrator was appointed under Section 52A to protect policyholders and manage the insurer’s business pending appropriate regulatory action. Subsequently, IRDAI ordered transfer of the insurer’s life insurance business, along with related assets and liabilities, to SBI Life Insurance Company Limited on 2 June 2023, following which policyholder servicing and obligations under the transferred business have been discharged by SBI Life. IRDAI reviewed the Administrator’s continuance and noted that the insurance business had been transferred, no insurance business remained requiring management or administration by the Administrator, and the purpose of the appointment had been fulfilled. Accordingly, Shri R.K. Sharma ceases to exercise the Administrator’s powers and functions, and from 17 August 2026, management and affairs of the insurer, including control and supervision of shareholders’ investments, vest in and are carried on by the insurer. The order does not affect acts or decisions taken by the Administrator during his appointment or prejudice ongoing or proposed legal or regulatory proceedings.
Insurance Regulatory and Development Authority of India
Order No. IRDAI/F&I/ORD/MISC/108/8/2026 | Date: 17th August, 2026
Order under Section 52D of the Insurance Act, 1938-Cancellation of the order of Appointment of Administrator in respect of Sahara India Life Insurance Company Limited
1. Sahara India Life Insurance Company Limited (“the insurer”) was granted a certificate of registration bearing no.127 by the Authority to carry on life insurance business under the Insurance Act, 1938 (“the Act”).
2. The Authority, for the purpose of protecting the interests of the policyholders of the insurer, in exercise of the powers conferred under Section 52A of the Insurance Act, 1938, vide Order No. IRDAI/F&A/ORD/FA/134/06/2017 dated 12th June, 2017 (“the said Order”), had appointed Shri R.K. Sharma as the Administrator of the insurer.
3. The Administrator was entrusted with powers and duties as per the applicable provisions under the Insurance Act, 1938 to conduct the management of the business of the insurer with the greatest economy compatible with efficiency.
4. Subsequently, the Authority, vide order ref: IRDAI/F&I/ORD/MISC/119/6/2023 dated 2nd June, 2023, has ordered for transfer of the life insurance business of the insurer to SBI Life Insurance Company Limited (SBI Life).
5. Pursuant to the aforesaid order, the insurance business of the insurer, together with the assets and liabilities pertaining thereto, stood transferred to SBI Life Insurance Company Limited in accordance with law. Consequently, all policyholder servicing and obligations under the transferred insurance business are being discharged by SBI Life Insurance Company Limited.
6. The Authority has reviewed the continuance of the appointment of the Administrator with the insurer and observes as under:
a. the primary purpose of appointing the Administrator was to preserve and administer the affairs of the insurer pending appropriate regulatory action for protection of policyholders;
b. the transfer of the insurance business has been completed;
c. there remains no insurance business requiring management or administration by the Administrator; and
d. the purpose of appointment of Administrator has been fulfilled.
7. The Authority is, therefore, satisfied that the circumstances warrant cancellation of the order regarding appointment of the Administrator under Section 52D of the Act.
8. Now, therefore, in exercise of the powers conferred under Section 52D of the Insurance Act, 1938 hereby orders as follows:
a. The order appointing Shri R.K. Sharma as the Administrator of Sahara India Life Insurance Company Limited made vide Order No. IRDAI/F&A/ORD/FA/134/06/ 2017 dated 12th June, 2017, shall stand cancelled from the date of this order and Shri R.K. Sharma shall cease to exercise the powers and perform the functions of the Administrator of the insurer.
b. The management and affairs of the insurer, including control and supervision of Shareholders’ investments, shall, with effect from 17.8.2026, stand vested in and be carried on by the insurer.
9. It is clarified that this Order—
a. does not affect the validity of any act, decision, direction or action taken by the Administrator during the period of his appointment;
b. shall not prejudice any investigation, inspection, inquiry, adjudication, prosecution or other legal or regulatory proceedings initiated or proposed to be initiated by the Authority or any other competent authority.
This Order shall come into force with effect from 17.8.2026.
Hyderabad
sd/-
Member (F&I)
