Insurance watchdog, IRDAI has imposed Rs 35 lakh fine on Bharti AXA General Insurance Co Ltd for violation of various norms including outsourcing activities and corporate governance guidelines. The fine is based on violation related with an inspection finding during December 2012 to March 2013.
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India. The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.
So let’s do:
1. IRDAI has imposed Rs 35 lakh fine on which insurrance company for violation of various norms including outsourcing activities and corporate governance guidelines?
Source – The Economics Times