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Irdai slaps Rs 51 lakh fine on four insurers for violation of norms


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. ....

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Irdai imposes Rs 51 lakh penalty on 4 insurers


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. ....

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IRDAI slaps Rs 51 lakh fine on SBI General Insurance, 3 others


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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