Credit rating agency CRISIL Ratings Ltd affirming AAA/Stable rating for Oriental Insurance Company Ltd s Rs.750 crore subordinated debt said the insurer plans to grow at 5-10 per cent this fiscal.The rating agency said the insurer is predicting .
IRDAI imposes Rs 30 lakh penalty on SBI Insurance for repeatedly violating regulations
IRDAI logo
Cutting down the penalty recommended by its Adjudicative Officer by Rs 70 lakh, Insurance Regulatory and Development Authority of India (IRDAI) has penalised SBI General Insurance Company Ltd Rs 30 lakh for repeatedly violating Insurance Act and the regulations.
The charge against SBI General Insurance Company was that it had repeatedly failed to comply with Section 32D of the Insurance Act and the IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 that mandates underwriting of minimum motor third party insurance business.
The SBI General Insurance violated Section 32D during 2018-19, 2016-17 and 2017-18.
SBI General Insurance fined Rs 30L by IRDAI
By IANS |
Published on
Tue, May 11 2021 9:57 IST |
5 Views
Rupee. (File Photo: IANS). Image Source: IANS News
Chennai, May 11 : Cutting down the penalty recommended by its Adjudicative Officer by Rs 70 lakh, Insurance Regulatory and Development Authority of India (IRDAI) has penalised SBI General Insurance Company Ltd Rs 30 lakh for repeatedly violating Insurance Act and the regulations.
The charge against SBI General Insurance Company was that it had repeatedly failed to comply with Section 32D of the Insurance Act and the IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 that mandates underwriting of minimum motor third party insurance business.