Setting the house in order, working towards its core mission of policyholder s interest, speeding up the new company licensing process, avoiding micromanagement are some of the important tasks for the incoming Chairman of Insurance Regulatory .
Infusing fresh blood into the Insurance Regulatory and Development Authority of India (IRDAI) by offering voluntary retirement scheme (VRS) to older employees, appropriate staffing, and reviewing some of its guidelines or regulations are the .
IRDAI Imposes Rs3 Lakh Penalty on Max Life Insurance and Rs5 Lakh on IFFCO Tokio General Insurance
Moneylife Digital Team
30 April 2021
The Insurance Regulatory and Development Authority of India (IRDAI) imposed a nominal penalty of Rs3 lakh on Max Life Insurance and Rs5 lakh on IFFCO Tokio General Insurance Co Ltd for violating corporate governance and disclosure rules and violations of provisions of its guidelines on Motor Insurance Service Provider (MISP), respectively.
According to IRDAI, the company did not disclose related party transactions with Analjit Singh group companies such as Max Skill First Ltd.
“Max Life did not disclose the details of payments made to the Max Skill First in the half-yearly outsourcing returns filed with the Authority for the financial years 2015-16 and 2016-17 in violation of Clause 11.2 of IRDA Outsourcing Guidelines, 2011,” the insurance regulator said.
Bajaj Allianz General Insurance fined Rs10 lakh by IRDAI moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
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. The Insurance Regulatory and Development Authority of India (Irdai) has also imposed a penalty of Rs 13 lakh 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. In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015.