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.
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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.
General insurer Royal Sundaram fined by IRDAI
By IANS |
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Vehicle insurance policies have to renewed on or before due date . Image Source: IANS News
Chennai, April 16 : City based Royal Sundaram General Insurance Company Ltd was fined Rs 3,00,000 and also warned by Insurance Regulatory and Development Authority of India (IRDAI) for violation of norms.
Royal Sundaram was penalised for violation of Motor Insurance Service Provider (MISP) guidelines.
The IRDAI has also warned Royal Sundaram for non submission of information that was sought by it and directed to ensure submission of information and documents sought during its inspections.
The insurance regulator has taken the decision on the show cause notice dated 21.8.2020 issued to Royal Sundaram following its onsite inspection of the insurer on August 8-10, 2018.