IRDAI Slaps INR 5 Cr Fine On Policybazaar For Flouting Norms

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SUMMARY

Policybazaar Insurance Brokers failed to disclose that several of its key managerial personnel, including its former principal officer, held directorships in other companies

The IRDAI order also outlined the violations related to lack of clarity in outsourcing agreements with insurers

IRDAI also found that the company had delayed transferring insurance premiums collected from customers to the respective insurers

The Insurance Regulatory and Development Authority of…



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IRDAI Slaps INR 5 Cr Fine On Policybazaar For Flouting Norms


SUMMARY

Policybazaar Insurance Brokers failed to disclose that several of its key managerial personnel, including its former principal officer, held directorships in other companies

The IRDAI order also outlined the violations related to lack of clarity in outsourcing agreements with insurers

IRDAI also found that the company had delayed transferring insurance premiums collected from customers to the respective insurers

The Insurance Regulatory and Development Authority of…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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