New Delhi, June 9: The chief executive officer of Sahara India Life Insurance has quit the company even before it has started commercial operations. Confirming the move, Liaquat Khan, chief executive officer of Sahara India Life Insurance (SILI), told The Telegragh, I have quit the company and put in my papers on June 5. The Insurance Regulatory Development Authority has also been informed.
Khan, who is also the president of the Actuarial Society of India, said, It is my decision and I will not spell out why have I done so.
SILI, part of over Rs 12,000-crore Lucknow-based Sahara India group is the second wholly-Indian life insurance company to be formed after Reliance Life Insurance.
Earlier, when Sahara India filed its R1 form for an insurance licence, it had stated that the entire Rs 100-crore paid-up capital plus equity will be contributed by its four promoters Subrata Roy, . P. Srivastava, J. B. Roy and Swapna Roy.
It was then that IRDA had expressed some reservations about these four individuals promoting the venture and their capability to infuse funds periodically. However, such a contribution was legally valid, Khan had stated earlier.
Earlier this year, Sahara India received its in-principle R2 licence as well. The company is waiting to get its operational licence R3. However, the pre-requisites for obtaining this operational license includes filing the name of chief executive officer, stating its management strength and the number of actuaries among other details.