Subrata Roy seeks time from Irda to turnaround Sahara Life Insurance

Embattled Sahara Group chief Subrata Roy on Monday met TS Vijayan, chairman of Insurance Regulatory and
Development Authority (Irda), seeking time to improve the financial position and corporate governance of Sahara Life
Insurance, in a bid to retain the company’s licence. “Today, Subrata Roy met Vijayan seeking time to turnaround the
company,” said a senior Irda official. “If anything, Irda is protecting interest of policyholders of Sahara Life by asking a
stronger company to take over their book.”

Earlier last month, the insurance regulator had written to six insurance companies, including ICICI Prudential Life, SBI
Life, Bajaj Allianz Life, HDFC Life and Kotak Life to take over policyholders’ assets and liabilities of Sahara Life. ICICI
Prudential Life has expressed its interest to take over the policyholders’ assets and liabilities of Sahara Life. If that is
approved, Sahara Life will lose its licence. “ICICI Prudential Life is likely to submit a proposal this week,” said the
official. The last reported policyholders’ liability of Sahara Life is Rs 900 crore, which is less than 1% of the ICICI
Prudential Life’s balance sheet.

Irda had flagged concerns over the management of Sahara Life, saying it had reasons to believe the insurer may act
in a manner “prejudicial” to the interests of policy holders.