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Friday, August 23, 2013

IRDA slaps Rs 3.1 cr penalty on Bajaj Allianz Life

The Insurance Regulatory and Development Authority (IRDA) has imposed Rs 3.1 crore penalty on Bajaj Allianz Life Insurance Company.

The company was fined for violating various norms including those pertaining to payments to corporate agents and other third parties and not obtaining permanent account numbers (PAN) in policies above Rs 1 lakh, according to an order issued by the regulator on Wednesday.

Source: thehindubusinessline


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