IRDA is govt. regulatory authority who controls the Indian insurance industry. Today news is IRDA has imposed Rs. 5 Crore fine on HDFC Life and 11 other in FY 2013. This news came after publishing annual report by IRDA in Jan. 2014.
IRDA has mentioned the list in his annual report which we are re-publishing below.
IRDA has given the reason of each fine by mentioning it in the front. In HDFC Life case, this company did not follow the provision of Insurance act 1938 whose circular IRDA had published. In some other cases, one of main reason relating to not paying the claim to valid party. IRDA starts to investigate. If it finds the fault of company, IRDA imposes the penalty. If you want to study deeply this report, you can read after downloading fromhere.
IRDA has mentioned the list in his annual report which we are re-publishing below.
IRDA has given the reason of each fine by mentioning it in the front. In HDFC Life case, this company did not follow the provision of Insurance act 1938 whose circular IRDA had published. In some other cases, one of main reason relating to not paying the claim to valid party. IRDA starts to investigate. If it finds the fault of company, IRDA imposes the penalty. If you want to study deeply this report, you can read after downloading fromhere.
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