Insurance Regulatory and Development Authority of India (IRDAI) directed ICICI Prudential Life Insurance to take over the life insurance business portfolio of the beleaguered Sahara India Life Insurance Company (SILIC) effective July 31, 2017. The decision was taken after IRDAI’s appointed administrator R.K. Sharma, General Manager (F&A-NL), advised that the Lucknow-based SILIC’s governance system has failed in totality and the interests of the policyholders were at stake.