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