IRDA fines Birla Sun Life

The Insurance Regulatory and Development Authority has imposed a penalty of Rs 6 lakh on Birla Sun Life Insurance Company Ltd.

The fine was imposed for involvement of unlicensed entities in solicitation of insurance business and violation of norms pertaining to the settlement of claims in the group policies.

The regulator has also directed the company to stop payment of commission to agents in all such cases where premium is funded by the company as part of premium waiver benefit.