Insurance Regulator Slaps Rs 1 Crore Penalty Each On ICICI Lombard, Tata AIG For Violation Of Norms
The silhouettes of towers under construction are reflected in the facade of a commercial building in the Lower Parel area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Insurance Regulator Slaps Rs 1 Crore Penalty Each On ICICI Lombard, Tata AIG For Violation Of Norms

Bookmark

Insurance Regulatory and Development Authority has imposed a penalty of Rs 1 crore each on ICICI Lombard GIC and Tata AIG General Insurance Company for violation of various norms.

The regulator has slapped the penalty on ICICI Lombard for violation of certain provisions related to health insurance policies. IRDAI has also issued certain directions and advisory to the company.

Also read: RBI Imposes Rs 1 Crore Penalty On HDFC Bank

In a separate order, IRDAI imposed the penalty on Tata AIG General Insurance Company for violation of provisions for the protection of policyholders' interests.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.