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Thursday, December 4, 2014

IRDA orders audit of Future Generali Life Insurance

The Insurance Regulatory and Development Authority (IRDA) has ordered an independent audit into some outsourcing transactions and payments made by Future Generali Life Insurance Company.

In an order issued here on Tuesday, IRDA Chairman TS Vijayan said the company had violated the guidelines on outsourcing activities issued by the regulator in February 2011.

The company had also paid Rs100-200 for a specific period of time to outsourced persons for organising some events.

Vijayan said the payments constituted 8-11 per cent of the operating expenses but the objectives of these agreements need to be examined.

Independent auditor

IRDA directed the audit be conducted by an independent auditor and completed within 90 days of his appointment and submit the action taken report to the authority. In a separate order, the regulator had imposed Rs15 lakh fine on Birla Sun Life Insurance Company Ltd for not paying adequate attention to settlement of maturity claims, selling a product by micro insurance agents in violation of norms, among others.

Source : Thehindubusinessline


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