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The work on the valuation of assets and liabilities of Sahara India Life Insurance Company Ltd by an independent actuary will happen only after the Securities Appellate Tribunal (SAT) decides the petition filed by the insurer, said a senior industry official in the know.
"With SAT ordering maintenance of status quo in Sahara India Life on July 31, 2017, work on actuarial valuation of the assets and liabilities has been stopped even though the insurer is under the administrator appointed by the insurance regulator," the official told IANS, preferring anonymity.
The Insurance Regulatory and Development Authority of India (Irdai) on July 28 declared the promoters of Sahara India Life as not "fit and proper" persons and ordered transfer of its life insurance portfolio to ICICI Prudential Insurance Company Ltd.
Aggrieved by the Irdai order, Sahara India Life had appealed to SAT on July 31 the appointed day for the transfer of business to ICICI Prudential Life -- and got a reprieve.
According to the Irdai order, ICICI Prudential will assume the insurance liabilities of Sahara India Life as per the valuation by an independent actuary as on July 31.
The Irdai has ordered Sahara India Life to transfer to ICICI Prudential Life the investment pertaining to the policyholders, loans against policies, current assets representing current liabilities, cash or cash equivalent to the extent of non-par fund and cash or cheques in Sahara India Life's branches towards premium for policies.
According to the Irdai, Sahara India Life should also transfer assets corresponding to the policyholder liabilities as per the statutory valuation report submitted by the company's appointed actuary as on March 31.
Sahara India Life should also transfer the assets corresponding to the changes in the policyholder liabilities as on July 31, 2018 as per the valuation of insurance liabilities report prepared by the independent actuary.
On July 4, ICICI Prudential Life had informed the bourses that the last reported policyholders liabilities of Sahara India Life was about Rs 9 billion.
Speaking to IANS on the condition of anonymity, a senior actuary said the valuation actuary has to see that ICICI Prudential Life does get one rupee more or less than what is due to it.
