IRDA slaps Rs 2 lakh penalty on MetLife India

The Insurance Regulatory and Development Authority (IRDA) has imposed a penalty of Rs 2 lakh on MetLife India Insurance Co Ltd for not providing the policy to a customer even after 11 months.

The decision to impose the penalty was taken by the regulator after completion of investigation into a complaint lodged by a customer who applied for a life insurance policy by duly paying the premium, but received no response from MetLife.

“Having regard to the facts of the case, the IRDA is satisfied that there has been negligence on the part of the insurer and consequently imposes a penalty of Rs 2 lakh,” Mr J. Hari Narayan, Chairman, IRDA, said in an order issued on Monday.