"We shall seek a review in the matter as per the recourse available to us under the Insurance Act and other statutes," the company said in a statement.
As per the spokesperson of the insurance firm, it will appeal before the chairman of IRDA (Insurance Regulatory and Development Authority) very soon without divulging the timeline. Yesterday, insurance regulator-IRDA has asked SBI Life Insurance company to refund Rs 275.29 crore to policy holders as the amount was collected from them in violation of norms.
"The amount of Rs 275,29,48,437 to be refunded as directed in these orders shall be debited to shareholders account. The above action to be initiated immediately and shall be completed within six months," Irda (Insurance Regulatory and Development Authority) had said in its order.
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