Home National International Important Days Awards Sports Appointments Defence Summits Rank and Reports Books and Authors Banking State News Current Affairs in English Current Affairs in Hindi Miscellaneous

Latest

IRDAI imposes penalty of Rs 1.01 crore on Cholamandalam MS GIC


IRDAI imposes penalty of Rs 1.01 crore on Cholamandalam MS GIC



The Insurance Regulatory and Development Authority of India (IRDAI) has imposed penalties totalling ₹1.01 crore on Cholamandalam MS GIC for violations observed during an inspection.

One of them, for ₹1 crore, is for violation of norms related to payment of commission.

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.