IRDA slaps Rs 5-lakh fine on Bajaj Allianz Life
Quotes

IRDA slaps Rs 5-lakh fine on Bajaj Allianz Life

Last Updated: Thursday, July 26, 2012, 22:52
 
 Comment 0
 
IRDA slaps Rs 5-lakh fine on Bajaj Allianz Life
New Delhi: Insurance sector watchdog IRDA Thursday has imposed a fine of Rs 5 lakh on Bajaj Allianz Life Insurance for violating regulations pertaining to group unit-linked policies.

"By taking it into account of the seriousness of the violation a penalty of Rs 5 lakh is imposed on the insurer under section 102(b) of the Insurance Act, 1938," Insurance Regulatory and Development Authority (IRDA) said in an order.

The penalty should be paid within 15 days from the date of receipt of the order, it said.

The regulator has found Bajaj Allianz Life Insurance guilty of enrolling new members into existing group schemes, where master policy was issued prior to September 1, 2010 without revising the existing scheme as required by circular issued by October 27, 2010.

The insurer enrolled new members into the existing group scheme (Bajaj Allianz Life Group Unit Gain-a ULIP Group Insurance Plan) issued to YES Bank, even after fresh circular on ULIPs was issued, it said.

However, the company in its submission to the regulator said "that by its actions (by keeping in mind the spirit of the circular), has complied with the directions as given in the aforesaid circular on a prospective basis and have not offered any product for sale in contravention of the circular from September 1, 2010".

PTI


First Published: Thursday, July 26, 2012, 22:52


Comments


comments powered by Disqus
New York Auto Show: 2015 Subaru Outback
New York Auto Show: 2015 Subaru Outback
New York Auto Show: Dodge Hot Cars
New York Auto Show: Dodge Hot Cars
New York Auto Show 2014: Hot Cars
New York Auto Show 2014: Hot Cars
Top 10 Fastest-Emerging Cities
Top 10 Fastest-Emerging Cities
Top Businesswomen in India
Top Businesswomen in India

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved