The Insurance Regulatory and Development Authority of India, IRDAI, has announced taking over the management of the Sahara India Life Insurance Company. <br/><br/>Insurance regulator, IRDAI in an order issued in New Delhi yesterday said that Subrata Roy run insurer was "acting in a manner" prejudicial to interest of subscribers. <br/><br/>IRDAI appointed one of its general managers, R K Sharma, as administrator to manage the affairs of the insurer with "immediate effect".<br/><br/>The regulator said it has "reasons" to believe that Sahara India Life Insurance Company "is acting in a manner likely to be prejudicial to the interest of holders of life insurance policies". <br/><br/>IRDAI further said it will be the endeavour of the administrator to ensure the servicing of the policy holders and managing the affairs of the insurer in a smooth manner as far as feasible.