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IRDAI Imposes Rs1 Crore Penalty on Muthoot Risk Insurance and Broking Services for Selling Insurance Through Unqualified BDMs
Moneylife Digital Team
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Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs1 crore on Muthoot Risk Insurance and Broking Services Pvt Ltd, a sister concern of Muthoot Fincorp Ltd (MFL), for procuring business from branch network of MFL and using unqualified employees for solicitating insurance business. 
 
In an order, TL Alamelu, member (non-life) of IRDAI, says, As per the records available and further submission made by the broker post personal hearing; it is observed that the broker has been engaging unlicensed individuals in the name of business development managers (BDMs) since the year 2016-17 for solicitation of life insurance business. Hence, considering that the violation continued for more than 100 days, by virtue of powers vested under Section 102 (b) of the Insurance Act, 1938, ....

Andhra Pradesh , Tamil Nadu , Muthoot Fincorp , Broking Services Pvt Ltd , Broking Services , Moneylife Digital Team , Development Authority Of India , Muthoot Fincorp Ltd , Muthoot Risk Insurance , Selling Insurance Through Unqualified , Development Authority , Insurance Act , West Bengal , ஆந்திரா பிரதேஷ் , தமிழ் நாடு , முத்ூட் பிங்கொர்ப் , தரகு சேவைகள் , வளர்ச்சி அதிகாரம் ஆஃப் இந்தியா , முத்ூட் பிங்கொர்ப் லிமிடெட் , முத்ூட் ஆபத்து காப்பீடு , வளர்ச்சி அதிகாரம் , காப்பீடு நாடகம் , மேற்கு பெங்கல் ,