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It is not a merger of two life insurance companies but only the transfer of life insurance business and policyholder assets and liabilities of Sahara India Life Insurance to it, SBI Life Insurance said on Friday.
In a statement, SBI Life said: "The Insurance Regulatory and Development Authority of India (IRDAI) has, by exercise of its powers under Section 52B (2) of the Insurance Act, 1938, directed that the policyholder related assets and liabilities of Sahara Life Insurance be transferred to SBI Life Insurance Company Ltd."
This is not a merger between the two companies but only a transfer of
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