SBI Life Files Special Leave Petition In SC By Business Standard, 18 Jun 2014 06:06 PM Mumbai Wed, 18 Jun 2014 18:06:00 +0530 Private life insurer SBI Life Insurance has filed a special leave petition in the Supreme Court in response to the Allahabad High Court order asking the Insurance Regulatory and Development Authority (Irda) to scrutinise all policies of SBI Life.( Insure Guru)The court had also said that if Irda finds that SBI Life, which has suffered penalties in the past, for its defaults has acted in breach of its guidelines it would be appropriate for it to direct the SBI Life to discontinue its policies and to wind up its business. Irda is presently looking into the order and trying to see how to implement the order. A senior Irda official explained that they have received the order from Allahabad HC and are discussing on the mechanism that they will have to adopt to implement the directions of the court. SBI Life refused to comment saying that the matter is sub-judice. The matter pertains to Virendra Pal Kapoor, a 72 year old retired scientist from Lucknow.
Posted on: Thu, 19 Jun 2014 02:28:50 +0000
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