Photo of Anirud Sudarsan R

Associate in General Corporate practice in the Mumbai office of Cyril Amarchand Mangaldas. Anirud advises on mergers and acquisition, foreign direct investments, joint ventures and business transfers with special focus on the insurance space. He can be reached at anirud.sudarsan@cyrilshroff.com

IRDAI’s Approach to ‘Fit and Proper’ Assessment in light of the Sahara Life Saga

Introduction

An issue of significant relevance to financial regulators world-over is the fitness and propriety of key shareholders of financial entities. The objective of this blog is to analyse IRDAI’s approach to assessment of ‘fit and proper’ status of significant owners of insurers, especially in light of the order passed by the IRDAI in the matter of M/s Sahara India Life Insurance Company Limited (“Sahara Life”) on December 30, 2020 (“IRDAI Order”). Before we delve into IRDAI’s approach in this regard, it is important to trace the chronology of events, leading to the IRDAI Order.
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