IRDAI Fines HDFC Life Rs 2 Crore for Violations
The Insurance Regulatory and Development Authority of India (IRDAI) has fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty, detailed in an order dated August 1, 2024, follows an inspection covering the financial years 2017-18 to 2019-20. The penalty must be paid within 45 days, and additional directives have been issued to address the violations.
Policyholders’ Interests: Non-compliance with standards meant to protect the interests of policyholders.
Outsourcing: Irregularities in outsourcing agreements and practices, including issues with web aggregators and insurance distributors.
Vendor Management: Review and due diligence required for outsourcing contracts.
Board Submission: Present the order before the company’s board and submit meeting minutes to IRDAI.
Action Plan: Provide a detailed action plan to address the violations and submit an action taken report within 90 days.
Compliance: HDFC Life must adhere to the guidelines issued by IRDAI within the specified timeframe to rectify deficiencies.
Appeal: If HDFC Life disagrees with the order, it can appeal to the Securities Appellate Tribunal.
Did you know that tamarind is one of the most widely used tropical fruits in…
Did you know that olives have been grown for thousands of years and are considered…
Honorable President Droupadi Murmu on March 2 2026, launched four women-centric welfare schemes of the…
Varanasi has entered the Guinness World Records by planting 2,51,446 saplings within one hour. The…
The former Australia Captain Alyssa Healy retired from all forms of cricket. When Alyssa Healy…
Just days before the arrival of eight Botswana cheetahs, a major wildlife surprise emerged from…