IRDAI imposes penalty of Rs 1.01 crore on Cholamandalam MS GIC

The Insurance Regulatory and Development Authority of India has imposed penalties of Rs 1.01 crore on Cholamandalam MS GIC. The insurer was penalised for violations observed during an inspection.

The penalty of Rs 1 crore is for violation of Clause 15 of Schedule I of IRDA (Health Insurance) Regulations, 2013 which clearly specifies that no commission shall be payable to any intermediary on the acceptance of a ported policy.

The other penalty of Rs 1 lakh is for motor insurance and was for violating the outsourcing guidelines by agreeing to payment terms not in the interests of the insurer.

Static/Current Takeaways Important For RBI Grade ‘B’ 2019:

  • IRDAI Chairman: Subhash Chandra Khuntia; Headquarters: Hyderabad.

Source: The Hindu

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