Irdai imposes Rs 51 lakh penalty on 4 insurers
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Last Updated: Apr 18, 2021, 04:15 PM IST
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A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. Penalty of Rs 13 lakh imposed on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company.
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance.
Irdai imposes ₹51 lakh penalty on four insurers thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
IRDAI slaps Rs 51 lakh fine on SBI General Insurance, 3 others
A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business
PTI | April 18, 2021 | Updated 16:59 IST
The penalty of Rs 10 lakh has been imposed on Bajaj Allianz General Insurance Company for violation of certain provisions of Insurance Act, 1938
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance.
A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business.
IRDAI slaps Rs 51 lakh fine on SBI General Insurance, 3 others businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Bajaj Allianz General Insurance fined Rs 10 lakh by IRDAI
By IANS |
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The Insurance Regulatory & Development Authority (IRDAI).. Image Source: IANS News
Chennai, April 17 : Bajaj Allianz General Insurance Company Ltd was fined Rs.10 lakh by the insurance regulator for violation of the Insurance Act and its Motor Insurance Service Provider (MISP) guidelines.
The Insurance Regulatory and Development Authority of India (IRDAI) in its order has said Bajaj Allianz General had solicited 2,214 motor insurance policies between November 2017 - January 2018 involving a premium of about Rs 1.44 crore.
The regulator had said the company had sold the policies through 90 unregistered entities.
Exercising its powers under Section 105C of the Insurance Act the IRDAI levied a penalty of Rs 10 lakh on Bajaj Allianz General.