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.
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