SAT directs IRDAI to recalculate unlawful gains in SBI Life Insurance case
31st Jan 2020

The Securities Appellate Tribunal (SAT) has directed insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI) to recalculate the unlawful gains in the form of advance premium collected by SBI Life Insurance Company and pay the same to the policyholders. The move comes following an appeal filed by SBI Life against an order passed by IRDAI, which had directed the insurer to disgorge and refund over Rs 275 crore to policyholders.

SBI Life Insurance Company is a joint venture between the State Bank of India and the French financial services heavyweight BNP Paribas Cardiff.